European Shares Mostly Higher Despite AI-related Concerns

RTTNews | 197 days ago

(RTTNews) - European stocks were modestly higher on Friday despite lingering concerns regarding artificial-intelligence related layoffs and workforce disruption.

Block, led by Twitter co-founder and CEO Jack Dorsey, has announced its decision to lay off 40 percent of its workforce because of labor-saving artificial intelligence.

In economic releases, consumer confidence in the United Kingdom dropped to a three-month low in February, defying expectations for a modest improvement.

The U.K. consumer confidence index fell to -19 from -16 in January, the Consumer Confidence Barometer survey by the GfK and the Nuremberg Institute for Market Decisions (NIM) revealed, while economists had expected a mild increase to -15. The latest reading is the lowest since November.

The British pound fell to its lowest level against the euro in more than two months amid political jitters after the Green Party won a special election in England.

The euro was moving in a narrow range against the dollar following reports that the European Central Bank moved away from U.S. dollar holdings in early 2025.

The pan-European STOXX 600 was up 0.2 percent at 634.24 after finishing marginally lower on Thursday amid a flurry of corporate earnings releases.

The German DAX gained 0.1 percent and the U.K.'s FTSE 100 added half a percent while France's CAC 40 was down 0.1 percent.

London-listed recruiter Hays slumped nearly 8 percent after reporting a sharp decline in first-half earnings.

GKN Aerospace owner Melrose slumped 14 percent after it forecast 2026 revenue below expectations.

Belgian telecom operator Proximus plummeted 21 percent. The company announced job cuts and slashed dividends after revenues fell 6.6 percent year-on-year in the fourth quarter.

French steel tubes maker Vallourec advanced 1.5 percent after Q4 revenue came in above expectations.

German online takeaway food company Delivery Hero tumbled 4.5 percent after reporting annual gross merchandise value (GMV) slightly below market expectations.

Chemical giant BASF fell more than 2 percent after it forecast flat earnings this year.

Reinsurer Swiss Re surged 5 percent after reporting a 47 percent rise in 2025 net profit.

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