European markets lower after snapping nine-day winning streak; Richemont up 5.5%

This is CNBC's live blog covering European markets.

European markets were lower Friday after shares snapped a nine-day winning streak in the previous session as earnings weighed on positive sentiment.

The pan-European Stoxx 600 was down 0.27% by 1:55 p.m. London time, with most sectors trading in negative territory. Utilities stocks fell 1.1%, while basic resources added 0.79%.

Shares of Richemont climbed over 6.3% before paring gains slightly after the Swiss luxury goods firm said full-year sales rose 3% to an all-time high even as fourth-quarter sales were dragged lower by weaker demand in Asia-Pacific.

Earnings also came Friday from Engie.

U.S. stocks were little changed after the Dow Jones Industrial Average briefly touched the key 40,000 milestone for the first time.

In Asia-Pacific, markets largely fell Friday, as investors assessed key China data to gauge the state of the world's second-largest economy.

Ed Smith, co-chief investment officer at Rathbones, outlines his strategy for equities as the U.S. economy continues to struggle with stubborn inflation.

U.S. stocks opened little changed on Friday, a day after the Dow Jones Industrial Average crossed over the historic 40,000 level.

The 30-stock Dow added 40 points, or 0.1%, as did the S&P 500 and Nasdaq Composite.

— Lisa Kailai Han

Swedish technology company Lagercrantz traded at record highs on Friday, with shares last up 8.5% as of 11:01 a.m. London time after the company posted results for its fourth fiscal quarter and full fiscal year. Earnings before interest and tax jumped 14% in the three months to the end of March 2024, and climbed 19% over the full year, the company said.

Shares in Belgian food ingredient and speciality chemicals Scompany Azelis Group tumbled and