European stock markets traded broadly lower on Friday, with French stocks posting some of the biggest losses after Standard & Poor’s cut the country’s credit rating to AA from AA+.
The Stoxx Europe 600 index dropped 0.5% to 321.72, trimming its weekly gain to 0.1%.
France’s CAC 40 index lost 0.7% after the country lost its AA+ rating. Standard & Poor’s cited concerns about France’s growth prospects as reason for the move, saying the government’s reforms to taxation, as well as to labor and other markets, won’t substantially raise the country’s medium-term outlook.
Germany’s DAX 30 index lost 0.5%, retreating from an all-time closing high reached on Thursday.
The U.K.’s FTSE 100 index dropped 0.3%. Data released showed the UK trade deficit rose more than estimated during September, climbing to £9.816 billion vs. £9.557 billion (revised) from the previous month. Forecasts were calling £9.2 billion.
Banks slid in Paris, with shares of Société Générale SA down 1.90%, BNP Paribas SA off 1.2%, and Credit Agricole SA 0.8% lower.
Shares of oil giant Total SA dropped 1.1%.
Shares of International Consolidated Airlines Group SA jumped 5% in London after the British Airways parent said profit more than doubled in the third quarter.
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