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European Stocks Slip Before US Jobs Report Release

European stocks were down on Friday due to disappointing results from major tech companies and anticipation of key US labor market data.

The Stoxx 600 declined by 0.30%, the DAX in Germany fell 0.67%, the CAC 40 in France lost 0.41%, and the FTSE 100 in the UK was the only outlier, gaining 0.18%. Apple, Amazon, and Alphabet all posted lower earnings, affecting the positive sentiment in the market.

Traders remained cautious as they awaited the US nonfarm payrolls report for January. Thursday's data showed strength in the jobs market, causing concerns that high employment could result in higher inflation and impact the Federal Reserve's future interest rate path. In Asia, the Hang Seng index fell 1.36% due to losses in tech stocks, while Chinese stocks also declined after mixed economic data raised doubts about the economy's recovery. In European corporate news, Sanofi's stock declined due to weak demand for its vaccines division, while CaixaBank's stock rose after announcing that it may consider extra capital distributions in 2024. Meanwhile, US crude futures rose 0.26% and Brent contracts rose 0.24%.

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