European shares inch lower at the end of a strong week

[MILAN] European shares edged lower in early trading on Friday at the end of a strong week with weakness among auto stocks and a disappointing update from Allianz weighing on the market.

By 0820 GMT, the pan-European FTSEurofirst 300 was down 0.38 per cent at 1,289.03 points. In spite of the decline, the index was on course for its best week since January 2015.

Allianz fell 3.5 per cent after the German insurer missed profit and dividend expectations and unveiled a 2016 operating profit target in line with analysts' predictions.

However, British insurer and asset manager Standard Life rose 3.3 per cent after posting an above-forecast pre-tax operating profit of 665 million pounds.

Autos were the top sectoral faller with a drop of 1.5 per cent.

REUTERS