© Archyde.com. A screen showing German DAX data at the Frankfurt Stock Exchange on Thursday. Photo by Archyde.com.
(Archyde.com) – European stocks fell on Friday and were close to ending a three-day winning streak as investors assessed the prospects of prolonged global tightening, and a bleak outlook from German sportswear outfit Adidas (ETR:) weighed on sentiment.
The index of European shares fell 0.6% by 0815 GMT, after touching the highest level in a year on Thursday, after a series of corporate earnings data stimulated appetite for risk.
Retail and basic resources stocks fell nearly 1 percent each, the worst performers among sector indices.
Swedish defense equipment maker SABB (TADAWUL:) jumped 8.8 percent to top the STOXX 600 index gains on the back of higher operating profits in the fourth quarter. The company also expected operating revenues to grow 15 percent in 2023 and operating income to grow faster than revenues.
Adidas shares fell 9.4%, heading for the largest one-day decline in 11 months, on expectations of a large drop of nearly ten percent in 2023 sales, which also led to a 2% decline in its peer Puma.
British Standard Chartered fell 5.7 percent and is on track to record its biggest one-day drop in six months after First Abu Dhabi Bank, the largest bank in the UAE, announced that it was not currently evaluating a takeover offer.
(Prepared by Amira Zahran for the Arabic Bulletin – Edited by Marwa Gharib)