European shares fall as technology, sportswear makers slide
2023.12.22 03:51
© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 14, 2023. REUTERS/Staff/File Photo
(Reuters) – European shares fell on Friday, dragged by technology and sportswear makers, as investors assessed the potential disruption from Red Sea attacks on global trade and awaited key U.S. inflation data to back bets of lower rates next year.
The pan-European index fell 0.2% by 0817 GMT, set to mark its weakest weekly performance in six.
Netherlands-based Prosus (OTC:) slid 14.5%, pulling the technology sector down 1.2%.
Personal and household goods sector lost 0.6%, as Adidas (OTC:) and Puma fell 6.1% and 4.4%, respectively, after U.S. peer Nike (NYSE:) cut its annual sales forecast.
JD (NASDAQ:) Sports shed4.9%, while the broader retail sector lost 0.9%.
The main focus before Christmas is the U.S. core personal consumption price index reading – the Fed’s preferred inflation metric- later in the day.
Two new shipping companies, including Germany’s Hapag-Lloyd, said they would avoid the Red Sea after attacks by Yemen’s Houthi group on vessels disrupted global trade, leading to the establishment of a naval task force. Hapag-Lloyd shares were up 1%.
