European markets were trading lower Friday as investors reacted to disappointing data prints from two of the region's largest economies.by 25 basis points, marking its fourth and final rate cut of the year. Policymakers also signaled the possibility of more reductions in 2025.Central bank watchers are now turning their attention to next week and rate decisions from the U.S. Federal Reserve and the Bank of England.
The British currency slid against both the euro and the U.S. dollar Friday morning after a disappointing data print showed the U.K. economy contracted unexpectedly in October.to its long-running Consumer Confidence Index, GfK found that British consumers were continuing to take a cautious approach to spending in December.
"Consumer confidence is still far from strong but there is some room for optimism with views on personal finances over the next 12 months creeping back into positive territory," Neil Bellamy, consumer insights director at NIQ GfK, said in a statement. "However, consumers are still thinking twice about big-ticket purchases and whether they will bring Christmas cheer.
A pick-up in consumer demand, improving economic growth and attractive stock market valuations have contributed to the popularity of emerging markets this year.