European shares closed lower in light holiday trading on Friday, following a recent rally in global shares on signs that the Omicron variant of SARS-CoV-2 might not derail global economic recovery.
The pan-European STOXX 600 index slipped 0.1 percent to 482.51 in a shortened trading session ahead of Christmas. The benchmark has added 1.82 percent this week.
London’s FTSE 100 posted a slight 0.02 percent decline, closing at 7,372.10, a weekly increase of 1.41 percent.
“The FTSE 100 has not had as stellar a year as some, but the recovery of 7,400 today puts it in good stead for the year ahead,” IG Group chief market analyst Chris Beauchamp said. “A run at the pre-pandemic highs could still be possible if Omicron concerns can be kept under control and earnings continue to recover in the fashion they have throughout 2021.”
France’s CAC40 ended 0.28 percent lower at 7,086.58, but rose 2.31 percent from a week earlier.
In Brussels, the BEL20 lost 0.06 percent to 4,264.44, but was up 2.24 percent on the week.
Stock markets in several countries including Germany, Italy, Spain, Switzerland and the US were closed on Friday for Christmas.
“The European market is moving in tight ranges ... due to light holiday trading and also driven by fears of possible restrictions and lockdowns,” Equiti Group chief market analyst Raed Alkhedr said.
Italy on Thursday tightened restrictions, including banning all public New Year’s Eve celebrations as daily COVID-19 infections hit a record high.
The STOXX 600 entered the holiday period on a quiet note after rallying 21 percent so far this year. Although this year was marked by accommodative policies and positive corporate earnings, supply bottlenecks, inflationary pressures and COVID-19 threaten growth and recovery into next year.
“Santa Claus isn’t starting a year end cheer-leading party in equity markets, but rather evoking a ‘Santa pause’ after this year’s bull run,” Mizuho Bank head of economics and strategy Vishnu Varathan said.
Additional reporting by staff writer
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