European stocks open lower, but head for their best weekly in ‎‎3 months‎

European stocks fell today, Friday, but remain on track to achieve the largest weekly percentage jump in more than three months, driven by hopes that the Federal Reserve (the US central bank) will stop raising interest rates soon as inflation recedes.

According to “Reuters”, the European Stoxx 600 index fell 0.2 percent by 0702 GMT.

However, it rose 2.9 percent this week, on its way to recording its best weekly performance since the end of March and making up for almost all of last week’s losses.

Data on consumer and producer prices in the United States, released earlier this week, fueled speculation that the economy has entered a phase of declining inflation and that the Federal Reserve may stop monetary tightening shortly after July.

The Stoxx 600 index was pressured on Friday by a 0.6 percent drop in telecoms companies, including Nokia, whose share fell 5.3 percent after lowering its full-year results forecast.

Shares in its Swedish rival Ericsson fell 4.2 percent after the company reported a 62 percent drop in adjusted operating profit for the second quarter.

Mining stocks, which were among the biggest gainers this week, also fell 0.6 percent.