While Mercedes-Benz and Sika rose on positive earnings, European shares opened nearly 1% lower on Friday as rate-sensitive technology companies were hurt by renewed bets that the U.S. Federal Reserve would continue its monetary tightening trajectory.
Technology shares (.SX8P) fell 1.8% as of 08:13 GMT, while the pan-European STOXX 600 benchmark (.STOXX) fell 0.9%.
U.S. data released on Thursday showed the highest increase in producer prices in seven months in January, while a separate report revealed an unexpected decline in the number of Americans submitting new claims for unemployment benefits last week, raising the possibility that the Fed will continue raising rates.
On the plus side, Mercedes-Benz Group (MBGn.DE), a manufacturer of luxury vehicles, increased 1.8%, outperforming analysts’ estimates for annual earnings and reporting higher sales.
Sika AG (SIKA.S) announced an operating profit for 2022 that was higher than anticipated, which helped the company’s shares increase by 3.3%.