European stocks started the day with a slight decline on Friday, despite a strong recovery in U.S. stocks following a particularly challenging session. The Stoxx 600 index in London opened 0.16% lower at 8:10 a.m., primarily due to a 1.4% drop in the technology sector. Conversely, oil and gas stocks rose by 0.5%, as traders continued to process the news of Angola leaving the OPEC alliance.
Within the Stoxx index, sportswear retailers experienced notable losses, with Adidas dropping over 6% and Puma falling by 4.5%. This decline was triggered by Nike’s announcement on Thursday, in which they revised their sales outlook and introduced a significant cost-cutting program.
Although there have been some uncertainties in recent trading sessions, December has generally been a positive month for Europe’s Stoxx 600 index. As per LSEG data, the index has seen a 3.32% increase so far this month, a slight decrease from the 6.45% rise observed in November.
Source (CNBC)
