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(Reuters) – European stocks fell to a more than two-week low on Friday, tracking global shares, following hawkish comments from some U.S. Federal Reserve officials and a spike in tensions in the Middle East.
The continent-wide fell 1% by 0713 GMT, bracing for its first weekly decline of more than 1% since mid-January.
Sparking caution on market expectations for an imminent rate cut, U.S. Minneapolis Fed President Neel Kashkari said if inflation continues to stall, an interest rate reduction may not be required by year end.
Optimism around a rate reduction has been a primary driver for gains in most developed market equities since late 2023.
Travel and leisure stocks led sectoral declines, hurt by a jump in prices on supply disruption risk, following escalating geopolitical tensions in the Middle East.
SoftwareOne shares dropped 2.3% after it announced all proxy advisors were now against the complete replacement of the Swiss firm’s board of directors.
Later in the day, focus will shift to a crucial March U.S. jobs report.
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