European shares inch lower as telecoms, energy shares dip

European equities edged lower on Friday with telecoms stocks leading ‌losses, though a rise in tech stocks helped put the index on track for gains in a week in which oil prices fell and ‌several global central banks announced interest rate decisions.

The pan-European STOXX ‌600 dipped 0.2% to 641.57 points by 0717 GMT, after rising more than 1% in the last two sessions, hovering around one-week highs. The benchmark STOXX index ⁠was ​set for its ⁠first weekly gain in three in a week packed with interest rate decisions ⁠from several central banks around the world including the US Federal Reserve and ​the Bank of England.

Telecommunication shares dipped 1.8% early on. Deutsche Telekom ⁠and Airtel Africa were down 3.1% and 4.8%, respectively. Food and beverages lost 1% ⁠as ​Nestle dipped 1.2% after Russia seized control of the local assets of the Swiss food major.

Energy shares shed 0.5% as oil ⁠prices fell for a third day on hopes of limited Saudi supply ⁠disruptions, but remained ⁠over the $100-per-barrel level. Helping offset some losses, technology shares gained 0.9%, with chip-related companies Aixtron and Infineon Technologies ‌leading gains.