European shares finished lower as investors reacted negatively to the bigger than expected drop in US consumer spending in the second quarter.
But the region’s stock markets were ahead for the third straight week as most earnings in the current company reporting season are being viewed positively. European energy companies were big losers as results from France’s Total and Italy’s ENI failed to impress though crude prices recovered having fallen immediately after the US GDP figures were released. Air France-KLM’s shares took a dive as Europe’s biggest carrier announced a quarterly loss of 431 million euros. Beauty products firm L’Oreal rose after reporting sales in line with market expectations and saying it sees business improving during the rest of the year.