European stocks headed for a weekly loss, Fedspeak in focus

The stocks on the European bourses shrugged off a positive close on the Asian and US equities, and open mixed this Friday, before the sentiment worsened sending most major indices into negative territory.

Resurgence of demand for the US dollar and treasury yields diminished the appeal of equities, oil etc. as an alternative higher yielding asset and hence, dragged the region’s indices into losses.

However, the German stocks managed to keep the downside in check, largely on the back of on the back of a 1.5% gain for Volkswagen AG amid reports it will unveil as many as 30,000 job cuts.

Meanwhile, Germany's DAX 30 index trades -0.12% lower around 10,670 levels, while the UK's FTSE 100 index drops -0.68% to 6,750. Among the other indices, the French CAC 40 index drops -0.44% to 4,507, while the pan-European Euro Stoxx 50 index loses -0.55% to now trade around 3,025 points.

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