🔴European stocks close the week lower
📌 European stock indices closed Friday's session down, continuing the recent decline as energy prices rise and the resulting increase in credit costs impacted profit margin expectations.
📌 The European STOXX 50 index fell by 0.6% to 5,712 points, recording a stable reading for the week, while the STOXX 600 index dropped by 0.5% to close at 596 points, marking a weekly decline of 0.5%.
📌 Bond yields across the largest economies in the Eurozone rose to their highest levels in 15 years, as commodity prices for energy continue to rise due to the war in Iran, which has led to supply shocks.
📌 Banks continued their recent decline amid expectations of an interest rate hike from the European Central Bank, negatively impacting interest margins, as Deutsche Bank shares fell by 5.5% this week to their lowest level in 9 months, while UniCredit shares dropped by 4% to their lowest level since November.
📌 High bond yields also affected luxury consumer goods companies, as shares fell…