Europe stocks close lower but notch eighth weekly gain

European stock markets closed lower on Friday after hitting record highs earlier this week.

The pan-European Stoxx 600 closed 0.24% lower, snapping a four-session winning streak that has marked a series of record highs. The index nonetheless marked its eighth consecutive week of gains, which have taken it around 9% higher so far this year.

Investors have been reacting to a flurry of corporate earnings and the prospect of a peace deal to end the war in Ukraine.

On Wednesday, U.S. President Donald Trump announced peace talks were set to begin after he spoke with his Ukrainian and Russian counterparts.

Corporate earnings remained in focus in Europe on Friday. 

British lender NatWest reported its full-year earnings, beating estimates on profit and revenues. The company, which is still partly owned by the state, said that the U.K. government had reduced its stake in the bank from 7.98% to 6.98%. Shares were 3% lower during early afternoon deals.

Haute couture fashion house Hermes also reported better-than-expected earnings on Friday. Its shares moved 1.7% higher by 3:43 p.m. London time.