FX.co ★ European Stocks Close Lower

European stocks experienced a significant decline for the second consecutive session on Friday. This downturn was attributed to inflated valuations of major US technology firms, combined with indications from Federal Reserve officials that a rate cut for their upcoming meeting was not guaranteed. Eurozone banks were notably impacted, weighed down by a pronounced increase in benchmark bond yields. UniCredit saw a 4.5% drop, while Intesa Sanpaolo, Santander, and BBVA recorded decreases ranging from 3.5% to 2.5%. Meanwhile, companies including SAP, Prosus, Infineon, and Nokia mirrored their US counterparts, falling between 4% and 1.5%. On a brighter note, Richemont shares surged over 7% owing to robust sales growth fueled by strong demand in the US and China. Additionally, Allianz's stock climbed 1% after revealing record-breaking results for the first nine months of the year. For the week, the STOXX 50 advanced by 2.3%, and the STOXX 600 increased by 1.8%, both indices reaching record highs earlier in the period.