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European stocks fell on Friday to extend losses from the previous session as risk-off mood prevailed amid fears that the U.S. Federal Reserve has left it too late to begin cutting interest rates and risks damaging the world’s largest economy<\/span>.<\/p>\n On a light day on the economic front, France’s industrial production recovered in June largely driven by the rebound in transport equipment output, data from the statistical office INSEE showed.<\/p>\n Industrial production registered a monthly growth of 0.8 percent in June, in contrast to the 2.2 percent decrease in May. However, this was weaker than the expected growth of 1.0 percent.<\/p>\n Manufacturing output also grew by 0.8 percent, reversing May’s 2.7 percent decline. The pan European STOXX 600 fell 1.5 percent to 504.07 after falling 1.2 percent on Thursday.<\/p>\n The German DAX lost 1.3 percent, France’s CAC 40 shed 0.7 percent and the U.K.’s FTSE 100 was down 0.4 percent. <\/p>\n Tech stocks were coming under selling pressure after U.S. chipmaker Intel said it would cut more than 15 percent of its workforce in a desperate cost-cutting bid.<\/p>\n ASM International plunged 9.4 percent, BE Semiconductor plummeted 7.5 percent, ASML declined 6.5 percent and Infineon Technologies tumbled 3.4 percent. <\/p>\n French insurer AXA rallied 2.3 percent. Its arm AXA Investment Managers has entered into negotiations to sell its investment arm to BNP Paribas in a \u20ac5.1bn deal. Shares of BNP Paribas dropped 1 percent. <\/p>\n Energy company Engie jumped 3.3 percent. The company lifted its profit guidance for 2024, citing a strong first-half performance in power generation and lower-than-expected financial costs.<\/p>\n British outsourcing firm Capita fell nearly 3 percent after reporting a fall in first-half revenue.<\/p>\n Wizz Air Holdings lost 4 percent as it reported a decline in both passenger numbers and seating capacity in July.<\/p>\n British Airways owner IAG jumped 6.3 percent after it posted strong first-half results and announced plans to pay a dividend for the first time since the start of the Covid-19.<\/p>\n GSK climbed 2.3 percent on receiving the U.S. FDA approval<\/span> for its Jemperli treatment in combination with chemotherapy. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n
All eyes remain on the July jobs report, due out later in the day that could shed more light around the health<\/span> of the U.S. economy.<\/p>\n