European stocks head for their first weekly loss in 8 weeks

European stocks fell on Friday amid a broader decline in the market, heading towards the first weekly loss in eight weeks, as investors awaited inflation data in the euro zone and US jobs data that may clarify monetary policy expectations.

According to Reuters, the European Stoxx 600 index lost 0.5% by 0810 GMT, and the index is heading towards a weekly decline of 0.8% in a turbulent start to 2024 after gains in eight consecutive weeks as a result of increasing bets on facilitating monetary policy.

The retail and technology sectors led the decline, falling about 1% each, while Signify shares lost 1.9% after Barclays began covering shares of the largest lighting equipment maker in the world.

Endeavor Mining Company shares fell 9.6% after the dismissal of CEO Sebastian de Montessos with immediate effect, while shares of the Netherlands-based pharmaceutical company Redcare rose 3.6% after Berenberg raised the stock’s rating to “buy” from “hold.”

Inflation reports for consumers and producers in the euro zone and US non-farm payrolls data, which are scheduled to be released later on Friday, will play a key role in investors’ assessment of when the European and American central banks will be able to start lowering interest rates this year.