European Shares Subdued As China-exposed Stocks Fall

(RTTNews) - European stocks were slightly lower on Friday at the end of a holiday-shortened week. The pan-European STOXX 600 was down 0.2 percent at 509.59 but was on course for a 0.6 percent weekly gain.

The German DAX dipped 0.4 percent as data showed Germany's jobless rate remained unchanged in November.

According to the labor force survey results from Destatis, the unemployment rate came in at adjusted 3.4 percent in November, unchanged from October. The number of unemployed decreased 2,000 on month to 1.52 million.

France's CAC 40 fell 0.8 percent, a day after data showed the downturn in the euro zone and U.K. manufacturing sectors deepened at the end of 2024.

With a new minority government in place, the country is facing political instability. Market participants remain worried over how political rivals will agree on spending and taxation plans for 2025.

China-exposed LVMH, Kering and Hermes International were down 1-3 percent as China announced "two new" initiatives to be funded by ultra-long-term bonds that aim to spur business investment and consumer-boosting initiatives.

The U.K.'s FTSE 100 was marginally lower in lackluster trade, with losses capped by a relatively weaker pound after new data from the British Retail Consortium showed a 2.2 percent decline in footfall on U.K. high streets in December.

Miners Anglo American, Antofagasta and Glencore fell 1-2 percent as copper prices held near five-month low on worries about potential U.S. tariffs ahead of Donald Trump's presidential inauguration on Jan. 20.

Budget airline Wizz Air Holdings fell 2.3 percent after an update on its share capital structure.

GSK edged up slightly after China granted approval for Nucala to treat adults with chronic rhinosinusitis with nasal polyps (CRSwNP).

Tullow Oil soared more than 7 percent after the West Africa-based company said it was exempted from a $320 million tax on its Ghana operations.