European shares dropped on Friday in a broader market decline, poised for their first weekly loss in eight, with investors awaiting euro-zone inflation prints and U.S. payrolls data that could further shape monetary policy expectations.

The pan-European STOXX 600 lost 0.5% by 0810 GMT, eyeing a 0.8% weekly decline, in a rocky start to 2024 after eight consecutive weekly gains on ramped-up bets of easing monetary policy.

Retail and technology led sectoral declines, down around 1%, each.

Signify shed 1.9%, after Barclays initiated coverage of the world's largest light-maker's stock with an "Underweight" rating.

Endeavour Mining lost 9.6% after removing CEO Sebastien de Montessus with immediate effect.

Netherlands-based Redcare Pharmacy rose 3.6% after Berenberg upgraded the stock to "Buy" from "Hold".

Euro-zone consumer and producer inflation reports and U.S. non-farm payrolls data, due later in the day, will be key for investors in assessing when the European Central Bank and the Federal Reserve can start cutting rates this year. (Reporting by Ankika Biswas in Bengaluru; Editing by Rashmi Aich)