European stocks are heading towards a weekly loss

European stocks fell on Friday, heading for a weekly loss, after major central banks pledged to raise interest rates further to counter inflation, raising concerns about a global economic slowdown next year.

The European Stoxx 600 index fell 0.2 percent to a new low, the lowest in a month, recording 427.96 points by 08:13 GMT, and is expected to incur a weekly loss of 2.4 percent.
The index witnessed its largest one-day decline since May in the previous session, after the European Central Bank joined the Federal Reserve (US Central Bank) in saying that monetary policy tightening will continue despite the risks this poses to the economy.
Telecom and retail stocks led the losses, on Friday, among the major sectors listed on the STOXX 600. Banking stocks, which are sensitive to economic prospects, increased 0.1 percent, after falling sharply in the past week.