European stocks continued their downward trend on Friday, following the break of a nine-day winning streak seen on the previous day.
Investor sentiment was dampened by renewed concerns over interest rates, after three Federal Reserve officials indicated that the U.S. central bank should maintain high borrowing costs for an extended period.
In China, economic data presented a mixed picture. However, the country's central bank took further steps to support the struggling property sector, which helped alleviate some concerns about the broader economic recovery. Closer to home, the Eurozone's Consumer Price Index (CPI) held steady at 2.4 percent year-on-year in April, consistent with March's figures.
Earlier today, European Central Bank (ECB) Vice-President Luis de Guindos expressed confidence that inflation in the Eurozone would approach the target of 2 percent by 2025.
Meanwhile, in the United Kingdom, Chancellor Jeremy Hunt, in a speech on the economic outlook, promised additional tax cuts should the Conservative party win the upcoming general election.
The pan-European STOXX 600 index declined by 0.3 percent to stand at 522.10, after a 0.2 percent dip on Thursday.
In individual markets, Germany's DAX fell by 0.4 percent, France's CAC 40 decreased by 0.5 percent, and the U.K.'s FTSE 100 was down 0.3 percent.
Corporate updates featured Swiss luxury goods maker Richemont, which surged 5.3 percent after announcing significant changes to its board and management team.
In contrast, Electrolux saw a 1 percent drop after reiterating a previous recall of Frigidaire and Kenmore electric ranges due to multiple fire and injury reports.
British property development firm Land Securities experienced a 2.3 percent decline, following a drop in annual rental income earnings to £371 million from £393 million the previous year.
Consumer goods conglomerate Unilever posted a 0.5 percent rise in shares after initiating a €1.5 billion share buyback program.
French reinsurer SCOR SE suffered an 8 percent slump after reporting a 36.8 percent decrease in first-quarter group net income, falling to 196 million euros from 311 million euros the previous year.
Lastly, ENGIE dropped 1.6 percent, as the utility company reported a slight decline in EBIT earnings for the first quarter, attributed to falling sales across nearly all segments.
