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European shares lower, fifth week of gains for FTSE

The pan-European STOXX 600 index edged lower early on Friday following a drop in commodity-related stocks, although the benchmark index remained on track for its best weekly performance since the middle of December.

Britain’s commodity-heavy FTSE 100 index .FTSE fell 0.1 per cent after hitting a new record high in the previous day. However, it was on track for its fifth straight week of gains.

The STOXX 600 index was trading 0.2 per cent lower by 0830 GMT, further retreating from a one-year high set earlier this week. It has gained nearly 1 per cent this week.

Precious metals miner Fresnillo (FRES.L) and Randgold Resources (RRS.L) fell more than 2 per cent after gold slipped from one-month high on a surge in the dollar, and ahead of U.S. jobs data later in the day.

Industrial metals miners also came under pressure following a drop in prices of major base metals. Shares in Anglo American (AAL.L), Antofagasta (ANTO.L) and Rio Tinto (RIO.L) were down 0.5 to 1.4 per cent.

Investors awaited U.S. jobs data later in the day for clues about the stock market’s near-term direction. Non-farm payrolls likely increased by 178,000 jobs in December after the same gain in November, according to a Reuter’s survey of economists.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

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