(Reuters) – European shares were on course to post their worst week in three months on Friday, as U.S. President-elect Donald Trump’s comments about potential tariffs on the European Union further spooked investors already worried about the rate outlook.
The pan-European index fell 0.8% by 0812 GMT, trading at its lowest in nearly a month and on course for its biggest weekly decline since early September.
Trump said that the EU must purchase U.S. oil and gas to make up for its “tremendous deficit” with the world’s largest economy, or face tariffs.
All the major European subsectors were in the red, with banks and miners leading losses.
The German and 40 fell about 1% each.
100 posted a smaller decline compared with its European peers, down 0.3%. Data showed British retail sales rose by a weaker-than-expected 0.2% in November, adding to signs of slow momentum in the economy.
Investors are awaiting U.S. inflation data later in the day for hints on the pace of rate cuts next year.
European stocks had tumbled on Thursday after the Federal Reserve projected fewer rate cuts next year and higher inflation.
Idorsia (SIX:) tumbled about 41% after the Swiss pharma company announced delays to a rights deal related to its hypertension drug Tryvio, raising funding concerns.
