European stocks drop amid lack of drivers

Having witnessed the first rise in five sessions a day before, the European equities fell back in the red amid a lack of fresh fundamental drivers. The region’s indices ignored a positive close on their Asian counterparts and dived this Friday amid renewed oil-price declines.

The European markets are headed for a weekly loss, despite renewed optimism that the Fed is expected to refrain from raising rates this year, and thus, keeping the cheap money flooding into the markets.

Amid a lack of economic drivers, focus remains on the corporate news, with shares of Monte dei Paschi di Siena dipping 0.50% after the CEO and former Chairman of the banks were reportedly accused of market manipulation and false accounting.  While Goldman Sachs downgraded German carmaker BMW to neutral from buy. Shares of BMW dropped about 1.3%, dragging rest of the auto stocks lower.

Meanwhile, Germany's DAX 30 index drops -0.73% to 10,525, while the UK's FTSE 100 index trades -0.19% lower at 6,856. Among the other indices, the French CAC 40 index declines -0.93% to 4,395, while the pan-European Euro Stoxx 50 index slumps -0.92% to 2,965.