Stocks fall, following global momentum

LONDON — European markets are set to fall on Friday, following a global pullback in risk assets.

Britain’s FTSE 100 is seen down around 71 points to 7,508, Germany’s DAX is set to fall around 190 points to 15,707, and France’s CAC 40 is set to drop around 91 points to 7,100, data shows. of IG.

The expected opening losses come after steep declines on Wall Street as rising rates continue to put downward pressure on tech stocks by making future earnings less attractive.

The declines were accentuated by a plunge in Netflix shares after the company’s fourth-quarter earnings report showed slowing subscriber growth.

U.S. equity futures point to further losses at Friday’s open, while Asia-Pacific markets also fell overnight.

Back in Europe, Britain’s GfK consumer confidence index fell to -19 in January from -15 in December, its lowest level since February 2021, as soaring inflation and the prospect of further rises in interest rates clouded the outlook.

A first “flash” reading of consumer confidence for the euro zone is expected on Friday afternoon. There are no major results expected in Europe on Friday.

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In corporate news, shares of Rio Tinto took an overnight hit after Serbia revoked the British-Australian mining company’s lithium exploration licenses, citing environmental concerns.

Meanwhile, Unilever ruled out a fourth increase in its bid for GlaxoSmithKline’s consumer healthcare business, abandoning a tie-up that had ruffled investors.

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