European stocks stabilize before central banks meetings

European stocks were little changed on Friday as investors refrained from making big bets ahead of a series of central bank meetings next week, while luxury goods stocks fell after weak business results from industry leader LVMH.

And by 0815 GMT, the European Stoxx 600 was stable, as gains in the energy sector offset losses in the retail and healthcare sectors.

LVMH shares fell 1.1 percent, and some analysts expressed disappointment about the company’s profit margins, which dampened the luster of fourth-quarter earnings.

H&M shares plunged 6.6% after the world’s second-largest clothing retailer reported a much bigger-than-expected drop in operating profit from September to November, due to rising costs and weak consumer confidence.

SABB shares rose 6.9 percent as the Swedish maker of aircraft, defense equipment and cars was expected to increase shipments in a more stable market in the first quarter, with profits in line with expectations.

Next week will witness prominent meetings of central banks such as the Federal Reserve, the European Central Bank and the Bank of England.