European equity markets retreated on Friday, as rising oil prices and higher bond yields stoked inflation worries and reinforced expectations of further interest rate hikes. Losses were partially contained by continued resilience in corporate earnings. The STOXX 50 fell 0.4% to 6,380 points, while the STOXX 600 slipped 0.3%, though both indices remained on course for solid weekly gains.
Investors also weighed the latest developments around Nvidia and the broader semiconductor sector, following reports of CEO Jensen Huang’s resignation, while a new round of corporate results offered additional guidance for markets. Richemont dropped 7% despite posting robust quarterly sales, with rising gold prices pressuring its margins. Generali declined 2% after Goldman Sachs cut its rating on European insurers to “underweight,” even as the company reported stronger results for the first nine months of the year.
For the week, the STOXX 50 was on track to gain 3.3%, while the STOXX 600 was heading for a 2% advance, having notched a record high on Thursday.