European equity markets slipped into the red in late deals Friday despite a largely positive week for global stocks.

France’s CAC 40 index remained 0.36% higher, but Germany’s DAX and the U.K.’s FTSE 100 were 0.22% and 0.76% lower respectively, pulling the pan-European Stoxx 600 index to a 0.2% loss. However, the regional gauge is still on-track for a positive week, buoyed by solid earnings and optimism around U.S. growth after President Donald Trump was sworn-in to the White House.

Among the stocks falling was telecommunications equipment maker Ericsson, which fell more than 11% after the company missed estimates on both the top and bottom lines for the fourth quarter of 2024.

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Among the biggest gainers on Friday was Burberry, which jumped 10% on a shallower-than-expected dip in sales in the fiscal third quarter. Other luxury stocks including Moncler, Swatch and Christian Dior were also trading higher.

Novo Nordisk shares also rose by more than 9% after the company said a new clinical trial result showed that one of its treatments led to a weight loss of 22% among people living with obesity.

The S&P 500 hit a fresh record high Friday following a record close in the previous trading session, as President Trump called for lower interest rates and cheaper oil prices.

Speaking via video to an assembly of global leaders at the World Economic Forum in Davos, Switzerland, the new president in a wide-ranging policy speech did not mention the Federal Reserve by name but made clear he would seek lower rates.

“I’ll demand that interest rates drop immediately,” Trump said. “And likewise, they should be dropping all over the world. Interest rates should follow us all over.”

The Bank of Japan raised the policy rate by 25 basis points to 0.5% — the highest since 2008 and in line with economists’ expectations. Following the decision, the Japanese yen weakened marginally to trade at 155.18 against the dollar.

Investors are also likely to be looking ahead to the Fed’s FOMC meeting on Wednesday with no change expected to interest rates. Elsewhere in China, equity markets will be closed from Tuesday for the Lunar New Year holiday.

— CNBC’s Amala Balakrishner contributed to this European markets update.