European stocks head for weekly loss as Kering drops on weak Gucci sales

European stocks fell Friday, heading for a weekly loss as luxury group Kering dropped 11.2% on weak Gucci sales, with political unrest in France and Middle East war concerns also weighing on the market. The STOXX 600 index was down 0.23%. Kering's decline followed a fall in third-quarter Gucci sales, pressured by the Middle East conflict and China's tax crackdown on wealthy consumers. The luxury sector dropped 1.6%, while overall European earnings are expected to grow 21.9% this quarter, boosted mainly by energy firms. French businesses planned weekend closures amid protest concerns, with investors awaiting Moody's decision on France's credit rating. Oil prices rose over 1% on Houthi attacks in Saudi Arabia, while Volvo Cars slumped 27% on a larger-than-expected operating loss and job cuts.