European stocks closed slightly lower on Friday, coming off the record highs from the previous session as markets continued to assess earnings profits and monitor geopolitical risks.
The Eurozone’s STOXX 50 fell 0.3% to 6,021 and the pan-European STOXX 600 inched marginally lower to 614.
Luxury stocks led the losses as industry players warned of a drop in earnings to be reported in the fourth quarter.
LVMH, Hermes, and Ferrari lost more than 2% each, while EssilorLuxottica sank 4%.
In the meantime, BASF dropped 3.7% after forecasts of a colder front drove European natural gas prices to surge over 10% in the session, lifting the company’s operation costs.
On the other hand, ASML added nearly 2% on continued optimism around tech and AI following strong results from TSMC. Also, Siemens Energy surged over 6% after confirming its dividend.
On the week, the STOXX 50 added 0.5% and the STOXX 600 gained 0.7%.