European stock markets closed lower on Friday

European stock markets closed lower on Friday, with the Euro Stoxx 50 Index down more than 1% and the pan-European Stoxx 600 Index declining by about 0.5%. German, Italian, and Spanish stock markets all fell by around 1%, while losses in the French market were relatively limited, and the UK FTSE 100 Index was almost flat. Technology stocks led the losses, with the sector dropping nearly 3% as a fresh round of disappointing earnings reports exacerbated the sell-off. ASML fell by about 6%, Infineon and STMicroelectronics each declined more than 6% and over 5% respectively. Basic resources and banking sectors were also weak, with NatWest plunging 9% after its results failed to prompt an upgrade in guidance, and Crédit Agricole falling more than 2%. AstraZeneca provided some support, rising more than 7% on stronger-than-expected results. Meanwhile, data from the eurozone showed a slowdown in economic growth for the third quarter. Despite Friday's losses, the Stoxx 50 Index rose 1% this week and the Stoxx 600 Index gained 2.1%. In October, the two indices recorded changes of -2.2% and +1.9% respectively.