© Reuters. Screens display German DAX data at the Frankfurt Stock Exchange on Thursday. Photo: Reuters.
(Reuters) – European stocks were little changed on Friday as investors refrained from making big bets ahead of a series of central bank meetings next week, while luxury goods stocks fell after weak business results from industry leader LVMH.
And by 0815 GMT, the European index was flat, as gains in the energy sector offset losses in the retail trade and healthcare sectors.
LVMH shares fell 1.1 percent, and some analysts expressed disappointment about the company’s profit margins, which dampened the luster of fourth-quarter earnings.
H&M shares plunged 6.6% after the world’s second-largest clothing retailer reported a much bigger-than-expected drop in operating profit from September to November, due to rising costs and weak consumer confidence.
SABB (TADAWUL:) shares rose 6.9 percent, in light of expectations for the Swedish company specializing in the manufacture of aircraft, defense equipment and cars, to increase its shipments in a more stable market in the first quarter, while recording profits in line with expectations.
Next week will witness prominent meetings of central banks such as the Federal Reserve, the European Central Bank and the Bank of England.
(Prepared by Rehab Alaa for the Arabic Bulletin – Edited by Mahmoud Salama)
