European markets end lower with tariffs, U.S. economy in focus; Luxury stocks sell off
European markets closed lower Friday, rounding off a volatile week marked by whipsawing policy on U.S. tariffs, the latest rate cut from the European Central Bank, German fiscal reforms and a regional defense spending boost.
Investors were also reacting to key jobs data out of the U.S., which showed nonfarm payrolls rose by a less-than-expected 151,000 in February.
The regional Stoxx 600 index provisionally closed around 0.46% lower in London, marking its first losing week this year.
The Stoxx 600 has jumped between losses and gains this week amid unfolding geopolitical developments and corporate earnings.
Luxury stocks were among the worst performers, with Richemont and Burberry down over 5% and almost 7%, respectively, as the Stoxx Europe Luxury 10 index dropped 2.7%. The sector is expected to face challenges from U.S. import tariffs which could hit U.S. consumer demand and lead to a rise in prices.
Source: CNBC
