European Shares Retreat from Record Highs Amid U.S. Data Caution

European shares declined from their record highs on Friday due to investor caution ahead of critical U.S. data. Gains in Moncler and other luxury stocks helped limit the drop. China's stimulus measures contributed to a strong week for European markets, highlighting China's importance for European businesses.

European shares retreated from record highs reached earlier on Friday, as caution set in ahead of crucial U.S. data, despite gains in Moncler and luxury stocks limiting further price declines.

The pan-European STOXX 600 index remained steady at 526.32 points after touching an all-time high of 526.72 points earlier in the session. Investors may be questioning if there is sufficient momentum to drive higher gains after achieving these record levels, noted Daniela Hathorn, senior market analyst at Capital.com.

Shares of Italy's Moncler surged 11.8% following a deal between CEO Ruffini and LVMH. News of China's stimulus actions boosted the STOXX 600, highlighting the significant role of Chinese consumers for European companies. Gains in automobile stocks further supported the index.

(With inputs from agencies.)