European shares ended a strong week a little lower as investors turned cautious in advance of Fitch’s credit rating decision on France later in the day.

Dublin

The Dublin market ended the week slightly off, just shy of 11,431, 0.12 per cent weaker on the day but 1.1 per cent stronger over the week.

Banks were higher over the day, with AIB gaining 0.6 per cent and Bank of Ireland gaining 0.2 per cent. Insurer FBD was flat. The European Central Bank left rates unchanged on Thursday as expected, but its upbeat view on growth and inflation dampened expectations for further easing.

Food groups Kerry and Glanbia were lower, with the latter down 1,2 per cent by the close, and Kerry losing almost 0.9 per cent in the session.

Among travel and leisure stocks, Ryanair was flat, while ferries group Irish Continental down 1.4 per cent.

London

The blue-chip FTSE 100 closed down 0.2 per cent but registered its second straight weekly gain. The domestically focused mid-cap index fell 0.3 per cent but also finished ahead on the week.

Healthcare stocks fell 1.2 per cent with heavyweight AstraZeneca losing 1.4 per cent. A top industry lobby group warned a challenging business environment was hurting the sector.

Some consumer staples stocks also declined, including Diageo which was down 1.9 per cent.

Retail stocks lost 0.7 per cent, with JD Sports Fashion falling 2.2 per cent to the bottom of the benchmark index.

Conversely, the aerospace and defence sector rose by about 1 per cent, hitting a fresh record and recording its largest weekly rise in over six months. BAE Systems rose 1.7 per cent.

Utility stocks such as United Utilities and SSE advanced 1.6 per cent each.

Industrial miners also rose, tracking higher copper prices. Glencore gained 1.6 per cent.

In other moves, online supermarket and tech firm Ocado fell 19.9 per cent to the bottom of the mid-cap index, after its US partner Kroger signalled a potential retreat from investment in automated warehouses.

Europe

The pan-European Stoxx 600 ended 0.11 per cent lower at 554.74 points, as healthcare led sector losses, slipping back by over 1 per cent.

Swiss pharmaceutical company Novartis lost 2.8 per cent after a Goldman Sachs’ downgrade which cited rising competition from generics. Its peer, Zealand Pharma, retreated 4.1 per cent in sympathy.

European aerospace and defence stocks extended their record-setting run, up 0.7 per cent on Friday to a new high.

Banks were also ahead on the week – by about 4 per cent, staging a rebound after weakness in late August.

For the week as a whole, the benchmark Stoxx 600 index was poised for its first gain in three weeks, up 1 per cent. The move was inspired by global equities, which firmed this week on expectations of multiple US interest rate cuts.

Among other stocks, French voucher providers Pluxee and Edenred dropped 6.3 per cent and 6.4 per cent, respectively, following a report on a potential 8 per cent tax on lunch vouchers.

New York

The S&P 500 and the Nasdaq hit record highs on Friday in mixed trading, while Wall Street’s main indices remained on track to log gains in a week of economic reports that solidified expectations for interest rate cuts.

Microsoft gained 2.1 per cent after the technology giant avoided a possible hefty EU antitrust fine by offering customers reduced prices for Office products, excluding Teams.

That boosted the information technology sector on the S&P 500, and helped lift the tech-heavy Nasdaq. Microsoft was among the only bright spots on the blue-chip Dow, which was held back by declines in Goldman Sachs and paint-maker Sherwin-Williams.

At 12.09pm ET, the Dow Jones Industrial Average was 187.60 points, or 0.41 per cent, weaker on 45,918.17, the S&P 500 had lost 1.79 points, or 0.03 per cent, to 6,585.68 and the Nasdaq Composite was 80.83 points, or 0.37 per cent, stronger on 22,123.90. – Additional reporting: Reuters