European stocks traded lower Friday afternoon following a stronger-than-expected U.S. nonfarm payrolls report, which weakened the likelihood that the Federal Reserve will cut interest rates at July’s monetary policy meeting.

The pan-European Stoxx 600 closed provisionally 0.7% lower at 390.11 in the end of week session, with basic resources shedding 2% while banks and retail stocks were the only sectors trading in positive territory, each up just 0.2%.

Market focus was largely attuned to U.S. nonfarm payrolls and unemployment data, which came in stronger-than-expected on Friday afternoon. Nonfarm payrolls rose by 224,000 in June, outstripping early predictions of 160,000 according to a Reuters poll. Stocks on Wall Street fell at the open on Friday after the release.

Source : CNBC