The European index STOXX 600 fell on Friday on concerns that the world’s major central banks will maintain their aggressive stance on inflation, while the dismal results of a number of companies, including Adidas increased concerns about the recession.

The STOXX 600 fell 0.6% after closing higher on Thursday after the resignation of Liz Truss as British prime minister. Still, the index posted a weekly gain of nearly 1.3%.

“The short-term momentum we’ve had this week is basically due to the fact that we’ve seen a strong sell-off over the last month. I don’t think we’re still at the point where people feel optimistic or see a turn on the horizon,” said Craig Erlam of OANDA.

“There is a lot of uncertainty around where the peak of inflation is and where the peak of interest rates will be, and until we start to have some clarity and certainty about it, markets are going to remain under pressure,” he added.

Markets are analyzing company forecasts to gauge the impact of macroeconomic pressures. The outlook for the fourth quarter of the American social networking company Snap Inc. They raised alarms about the impact of inflation on advertising revenue.

Adidas sank 9.5% as the German sporting goods maker cut its full-year outlook, citing weaker demand. His rival Puma followed with a fall of 7.3%.

Shares of beauty giant L’Oreal fell 5.8 percent after what analysts called the “questionable quality” of its quarterly sales.

Retail shares fell 3.2% and led to declines among STOXX 600 sector indices. The data showed that British shoppers cut spending more than expected in September.