European stocks dip slightly, Kuehne Nagel International AG tumbles 9%
European stocks dipped slightly on Friday, with the Stoxx Europe 600 Index ending 0.2% lower.
Media and consumer product companies took the biggest hit, while banks and mining shares were among the best performers.
Kuehne Nagel International AG saw its stock tumble 9.1% after a downgrade from Deutsche Bank, tied to weaker job numbers and consumer confidence.
European shares near record highs
Even with this small drop, European shares are still hovering near record highs set earlier this year, thanks to a resilient global economy.
Analysts think we could see new peaks by year's end if earnings keep improving and US interest rates go down.
Investors are now keeping an eye on next week's Purchasing Managers's Index readings from Germany, the UK, and the US for clues about what's next.
Meanwhile, European equity funds saw $300 million in outflows—though Stellantis NV managed gains after positive news.