The pan-European Stoxx 600 was down 0.5% by mid-afternoon. Oil and gas led losses, down 1.5%, with most sectors and major bourses in the red. Retail stocks bucked the trend, trading up 0.4%.
It comes shortly after the European Union tentatively agreed to a $60 barrel price cap on Russian seaborne oil, according to a document seen by Reuters. The price cap, an idea proposed by the Group of Seven, still requires approval from all 27 EU governments in a written procedure on Friday.
Markets in the Asia-Pacific mostly fell Friday while investors looked for clarity after China signaled slight easing of its stringent Covid restrictions.
U.S. stock futures slid Friday as investors digested hotter-than-anticipated jobs data, worrying investors looking for signals that the Federal Reserve can begin slowing interest rate hikes.
