European Shares Subdued After Recent Gains

(RTTNews) - European shares were subdued on Friday but remained on track for their eighth straight week of gains on growing optimism about a Russia-Ukraine peace deal and a delay in possible reciprocal U.S. tariffs.

The euro was firm after reports emerged that Ukraine's President Zelenskiy won't engage in talks with Russia at the upcoming Munich Conference.

In economic releases, Germany's wholesale prices increased for the second straight month in December, data from Destatis showed earlier today.

The wholesale price index advanced by more-than-expected 0.9 percent from a year ago, after rising 0.1 percent in December.

This was the second consecutive increase. Prices were forecast to grow 0.2 percent. The pan European STOXX 600 slipped 0.1 percent to 553.17 after closing at a record high for the past four sessions.

The German DAX dipped 0.2 percent and the U.K.'s FTSE 100 shed 0.4 percent, while France's CAC 40 was up 0.2 percent.

French satellite operator Eutelsat Communications SA tumbled 4 percent after posting a wider net loss for the first half.

Birkin bag maker Hermes International rallied 3.5 percent after it reported a profit for its full year that increased from last year. Peers Burberry, Richemont and LVMH were up 1-2 percent.

Jet engine maker Safran gained 1 percent after revising up its profit and cash forecasts for 2025.

Lender HSBC fell 1.2 percent in London on reports it plans investment banking job cuts from next week.

NatWest Group lost 2 percent despite reporting solid 2024 performance with increased profits.

Likewise, warehousing giant Segro declined 1.3 percent despite reporting a double-digit jump in profit in the year ended December 31.