European Shares Fall Amid Data Deluge

(RTTNews) - European stocks fell in cautious trade on Friday as focus shifted to the U.S. jobs report due later in the day that could influence the timing and pace of Fed rate cuts.

Earlier today, China reported mixed trade numbers for May. According to the third estimate by Eurostat, the Eurozone economy grew by 0.3 percent in the first quarter compared to the previous quarter, in-line with consensus.

France's trade deficit increased in April as a result of increased imports and a fall in exports while Germany's exports and imports growth accelerated in April, separate reports revealed.

Germany's industrial production dropped at a slower pace in the month, Destatis reported.

Elsewhere, the Confederation of British Industry has upped its forecasts for U.K. growth to 1 percent in 2024 and 1.9 percent in 2025, citing an expected pick-up in consumer spending.

U.K. house market remained broadly stable with a marginal fall in house prices in May, data from the mortgage lender Halifax showed.

The pan European STOXX 600 was down 0.3 percent at 523.12 after climbing 0.7 percent on Thursday.

The German DAX and France's CAC 40 both fell around 0.7 percent, while the U.K.'s FTSE 100 was down 0.6 percent.

In corporate news, Swiss banking software firm Temenos rallied 2.3 percent on share buyback news.

C&C Group shares slumped 8 percent in London. Patrick McMahon, the chief executive of the drinks' maker, has stepped down from his position with immediate attack after the discovery of accounting errors.

Homebuilder Bellway gained 1 percent after raising its annual average selling price forecast.

Rexel Group shares fell about 1 percent in Paris. The distributor of electrical products has unveiled its new and upgraded medium-term financial ambitions, ahead of its Capital Markets Day in Paris.