European indices close lower but not bad relatively speaking

European indices closed lower but showed relative stability amid U.S. market declines. The UK's FTSE 100 dropped 0.56%, primarily influenced by unexpected GDP contraction of 0.1% in October, dampening investor sentiment. This backdrop has also fueled expectations for a rate cut from the Bank of England next week. Meanwhile, tech stocks faced pressure from disappointing earnings reports from Oracle and Broadcom, leading to a broader risk-off sentiment. Notably, Germany's DAX shows resilience with a weekly gain of 0.66%, reaching a two-month peak earlier in the week, while Spain's Ibex outperformed with nearly a 1% gain due to strong performance in its banking sector. Overall, the mixed performance highlights the ongoing influence of economic indicators in shaping market sentiment.