European shares close lower despite earnings beats

European markets retreated in late deals, leaving the Stoxx 600

 index at a 0.04% loss for the session. Healthcare and technology stocks dragged on Friday, both down around 0.6%, while oil and gas gained 0.66%.

That was despite some strong performers at the top end of the index, including defense firm Saab, up 16% on better-than-expected results, and Vestas Wind, up 15% after it announced a new U.S. contract and analysts at JPMorgan upgraded the stock to “overweight” from “neutral.”

Swedish defence contract Saab shares are up nearly 15%  after the company reported stronger-than-expected profit and sales growth for the second quarter.