Europe: Shares edge lower, Richemont slips after update

[LONDON] The pan-European FTSEurofirst 300 index edged lower in early trading on Friday, with Cartier owner Richemont leading the index lower after reporting lower profits.

Richemont shares fell 3.4 per cent after reporting an 8 per cent fall in April sales at constant exchange rates as well as a lower net profit and said trading continued to remain difficult in its big markets of Hong Kong and Macau.

The FTSEurofirst 300 index was down 0.1 per cent at 1,618.50 points at 0710 GMT. However, the index, up nearly 3 per cent so far this week, headed for its best weekly gains in more than a month.

Investors also trading cautiously ahead of speeches from some central bankers. European Central Bank President Mario Draghi and Bank of England Governor Mark Carney, along with other central bankers, will be addressing an ECB Forum in Portugal later in the day.

Focus will also fall on Federal Reserve Chair Janet Yellen, who is due to speak on the US economic outlook before the Greater Providence Chamber of Commerce late on Friday.

REUTERS