European Stocks Fall on Friday, Post 7th Weekly Gain

European equity markets closed slightly lower on Friday, with the benchmark Stoxx 600 down 0.2% due mainly to declines in oil & gas stocks and tech companies which fell 1% and 0.5%, respectively.

On the other hand, retailers added 0.6% and chemicals rose 0.4%.

For the week, however, the pan-European STOXX 600 climbed 0.6%, the seventh consecutive week of gains.

The week was marked by optimism that the Federal Reserve would slow the pace of interest rate hikes, though on Friday a stronger-than-expected US jobs report kept investors on edge.

In the Euro Area, both consumer and producer price inflation slowed more than expected.

Meanwhile, the German DAX was little changed after data showed the country's exports fell more than forecast amid soaring inflation, weakening foreign demand and strained supply chains.