European stocks struggled for direction on Friday as oil fell back and Chinese stocks lost ground.

As G7 leaders declared global growth was their "urgent priority" and warned of the risks of a U.K. withdrawal from the European Union, oil fell below the $50 per barrel threshold. Brent crude was recently trading down 1.18% at $49.58.

By early afternoon some indices had extended three days of gains, though the FTSE 100 lagged mainland peers to trade up 0.01% at  6,266.04 after erasing early mining-stock-related gains. In Frankfurt, the Dax was up 0.17% at 10,289.83 and in Paris the Cac 40 was little changed at 4,512.63.

Konecranes was recently up about 5% in Helsinki after China's Zoomlion abandoned a bid proposal for Westport, Conn.-based Terex (TEX - Get Report) . Zoomlion's retreat means Konecranes can press on with the $1.3 billion purchase of a Terex unit that will hand the U.S. company a 25% stake in the Finnish cranes maker. The two had called off their own merger deal on May 16, when they agreed on the asset sale instead.

Life-funds acquisition vehicle Phoenix Group (PHXXF) rose about 5% in London after it conditionally agreed to pay GBP375 million ($550.3 million) for the pensions and protection businesses of French insurer AXA's AXA Wealth division.

In Amsterdam, Philips Lighting rose more than 5% above its IPO price after parent Philips on Thursday sold a minority stake.

In Frankfurt, Adidas (ADDYY) (ADDDF) spiked higher but later erased gains after it said it had agreed to sell U.S. sportswear seller Mitchell & Ness to an entity formed by Juggernaut Capital. Adidas said the disposal would result in a one-time gain in the low to medium double-digit million euro range.

On mainland China, most indices ended the day down marginally after a run of bad luck Bloomberg said represented Chinese stocks' longest stretch of weekly losses since July 2012. The CSI 300 composite index edged down 0.06% at 3,062.50.

In Hong Kong, the Hang Seng closed up 0.83% at 20,565.72.

In Tokyo, the Nikkei 225 ended up 0.37% at 16,834.84 and the Topix closed up 0.53% at 1,349.93 as the yen weakened and speculation pointed to a delay to an increase expected next year in Japan's sales tax.

Toshiba  (TOSBF) closed up almost 11% after JPMorgan raised its rating on the company to overweight from underweight.

Takeda Pharmaceutical pared initial gains to close up only 0.1% after the Wall Street Journal reported it had teamed with TPG to make a bid for beleaguered Valeant Pharmaceutical (VRX) about a month or two ago. The Journal said there were no current talks.