Economic news

European shares move lower for fifth session in row

European stocks dropped in early trading on Friday as traders assessed further financial results.

Photo: Reuters

The Stoxx Europe 600 index slumped 0.5% to 391.46, set for a weekly loss of 2.3%.

Germany’s DAX 30 index tubled 0.8% to 12,903.75. France’s CAC 40 index declined 0.6% to 5,420.15, and the U.K.’s FTSE 100 index inched down 0.1% to 7,485.11.

The banking sector lead the decline as the Stoxx 600 banks index dipped 0.7%. Deutsche Bank reported a net loss of about 497 million euros for last year.

The euro sank to $1.2498, after hitting a three-year top near $1.2507 overnight. Sterling traded at $1.4228.

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