European stocks on track to end a turbulent year lower

European stocks fell today, Friday, in the last trading session in a difficult year marked by geopolitical tensions and growing recession fears, as central banks around the world tightened monetary policy.

According to “Reuters”, the European Stoxx 600 index fell 0.4 percent in weak trading due to the holiday season, while an increase in Covid-19 cases in China overshadowed the already hazy outlook for global growth.

The index is heading towards ending the year, down 12.1 percent

The luxury goods sector with exposure to China declined, including LVMH, whose share fell 0.7 percent, and Ermis, whose share fell 1.4 percent.

Industry stocks affected the index, and its sub-index fell 0.4 percent, while technology stocks fell 0.7 percent, giving up some of the big gains they made in the previous session.

Interest rate-sensitive technology stocks rose on Thursday, following the gains of their Wall Street counterparts, after US unemployment data indicated that a sharp hike in US interest rates may have begun to negatively affect the strength of the labor market.