Stability of European stocks at the opening, and the gains in the health sector offset the decline in technology stocks

European stocks were stable on Friday, as gains in health care stocks offset the decline in some luxury goods and technology stocks.

The STOXX 600 was down 0.03% by 0810 GMT, but was set to gain 0.6% in the last week before Christmas, after two straight weeks of losses.

The index closed down 1 percent on Thursday, after data showing the strength of the labor market and economy in the United States raised concerns that the Federal Reserve will need to continue to raise interest rates aggressively for a longer period.

Mining sector companies rose 0.4 percent and were the best performers among all sectors on the STOXX 600 on Thursday.

However, the biggest support for Stokes 600 came from health care companies, which rose 0.3%, after a 4.9% jump in Bavarian Nordic after the vaccine manufacturer signed a deal with the US Department of Defense.

Shares of some China-focused luxury goods companies such as LVMH and Kring weighed on the main index, amid news that China expects to record a peak in Corona infections within a week.

The technology sector fell 0.3 percent, hit by losses in chip stocks such as Extron and ASML Holding.