Weak performance of European stocks before key inflation data

European stocks got off to a weak start on Friday, ahead of the release of euro zone inflation data for May and inflation data in the United States for April, which will shed light on the date and scope of interest rate cuts globally.
The European STOXX 600 index stabilized, but is heading towards decline for the second week, although it is likely to record gains on a monthly basis.
Investors are mainly focusing on inflation data in the euro zone that will be released today, and it is expected to show a slight increase in inflation during May.
A Reuters poll showed that the European Central Bank will likely cut interest rates in June.
Investors are awaiting the release of the core personal consumption expenditures price index in the United States, which is the US Federal Reserve’s preferred indicator for measuring inflation, at 12:30 GMT.
JD Sports Fashion sportswear shares fell 6.7% to the bottom of the STOXX 600 index after the British company maintained its earnings guidance for the year 2024-2025.
Telecom Italia’s stock was among the worst performers on the index, falling almost 6% after the American investment company KKR obtained unconditional approval from the anti-monopoly authorities in the European Union for its acquisition of the telecommunications company’s landline network for a value of up to 22 billion euros ( 24 billion dollars).
Capgemini IT Services shares fell 4.3%.