European stocks close lower amid U.S.-China trade tensions

European stocks experienced a weekly gain, with the pan-European Stoxx 600 index increasing by 0.54% but closing 0.44% lower on Friday, as U.S. nonfarm payrolls rose by 143,000 in January, below expectations, while the unemployment rate dipped to 4%. The Bank of England cut interest rates by 25 basis points and revised its growth forecast for Britain from 1.5% to 0.75%. L’Oreal reported sales of €11.08 billion, falling short of estimates, causing its shares to drop by 3.8%, while Porsche shares also fell by 3.8% due to reduced profit margin expectations for 2025. Turkey’s central bank raised its year-end inflation forecast from 21% to 24%, with current inflation at 42.12%. BPER Banca’s shares declined 4.73% after announcing a €4.3 billion offer for Banca Popolare di Sondrio, whose shares increased by 6.85%. Banco Sabadell reported a quarterly profit of €532 million, increasing its annual net profit by 37.1% to €1.83 billion and announcing a €1 billion share buyback. In the UK, average house prices rose 0.7% in January, reaching a record high of £299,138, while actively managed funds surpassed $1 trillion in assets under management for the first time in 2024.

Source: CNBC