The STOXX 50 remained near the flatline on Friday, while the STOXX 600 dipped 0.2%, extending a muted performance from the prior session as traders continued evaluating Europe's economic and monetary outlook.
European shares waver on Friday morning
The ECB cut interest rates as anticipated, reaffirmed its meeting-by-meeting decision-making strategy, and revised down its inflation and growth projections. Meanwhile, China’s economic conference concluded without specifying measures to boost consumption and growth. On the corporate front, LVMH shares fell around 1%, SAP rose 0.3%, and Inditex recovered with a 1% gain.
Munich Re surges
Additionally, Munich Re surged approximately 4% after setting a €6 billion net profit target for 2024. For the week, the STOXX 50 remained mostly unchanged, while the STOXX 600 slipped 0.2%, ending a three-week winning streak.
