European Stocks Close On Weak Note On Rate Worries, Rate Uncertainty

European stocks closed on a weak note on Friday after a cautious session as weak economic data from the U.K. and Germany and uncertainty about the outlook for interest rates rendered the mood cautious.

Investors closely followed the Davos summit, in addition to digesting the latest batch of economic data from Europe and the U.S.

European Central Bank President Christine Lagarde said at the World Economic Forum today that inflation is coming down in the Eurozone and worldwide, and that there are signs the job market is loosening.

Lagarde however refrained from commenting on monetary policy during her commentary on the economic outlook.

The pan European Stoxx 600 ended down 0.26%. Germany’s DAX edged down 0.07%, France’s CAC 40 drifted down 0.4%, and the U.K.’s FTSE 100 crept up 0.04%, while Switzerland’s SMI ended 0.05% down.

Among other markets in Europe, Denmark, Finland, Portugal, Russia, Spain, Sweden and Turkiye ended weak.

Belgium, Iceland, Norway and Poland closed higher, while Austria, Greece and Netherlands ended flat.

In the UK market, Ocado Group ended nearly 4% down. Entain settled with a loss of about 2.7%, while Whitbread, Marks & Spencer and Glencore lost 1.8 to 2.1%. B&M European Value Retail, Associated British Foods, Pearson and WPP also ended notably lower.

Flutter Entertainment climbed nearly 3.5%. JD Sports Fashion, Vodafone Group, Rentokil Initial, Beazley, Informa, Centrica and British American Tobacco gained 1 to 3%.

4imprint Group shares soared nearly 13%. The direct marketer of promotional products said that it is expecting profit as well as revenue for the full year to increase from last year.

In the German market, Puma dropped about 2.7%. Commerzbank, Continental, Volkswagen, Daimler Truck Holding, Siemens Healthineers, Covestro, Mercedes-Benz, and Symrise ended lower by 1 to 1.7%.

RWE, Siemens Energy, SAP and E.ON gained 1 to 1.6%.

In Paris, Carrefour ended down 4%. Alstom, Thales, Dassault Systemes, Air Liquide, Eurofins Scientific and…