Feb 10 (Reuters) – European stocks fell on Friday, poised to break a three-day rally, as traders weighed the prospects for prolonged global monetary policy tightening against poor forecasts. of the German shoe manufacturer Adidas also undermined confidence.
The pan-European STOXX 600 index was down 0.6% at 0815 GMT, after hitting a near-year high on Thursday.
Retail trade and raw materials, which were down about 1% each, were the worst performers among sector indices.
Swedish defense equipment maker Saab rose 8.8% to lead the STOXX 600 Index, thanks to higher operating profit in the fourth quarter. In addition, the company forecast that its organic sales will grow 15% in 2023 and that operating income will grow faster than revenue.
Shares of Adidas fell 9.4% and were on track for their biggest one-day plunge in 11 months on expectations of a near 10% decline in sales by 2023, which also sent its counterpart PUMA SE down a 2%.
Britain’s Standard Chartered fell 5.7% and was on track for its biggest one-day drop in six months after First Abu Dhabi Bank, the United Arab Emirates’ biggest bank, said it was not considering a takeover offer.
(Reporting by Ankika Biswas in Bengaluru; editing in Spanish by Flora Gómez)
