European stocks closed lower Friday but investors held onto weekly gains even as the global equity market rally, following Donald Trump's U.S. election victory, faded on Wall Street.

Britain's FTSE 100 led European benchmarks lower on the session, falling 1.7% in thin trading to 6725 points. Still, the U.K. benchmark will close out the week with a modest 0.5% gain.

Germany's DAX performance index fared better as one of its biggest stocks, Deutsche Bank, led a rally of European lenders in the wake of Trump's surprising Tuesday win.

The DAX added 30 points into the close Friday, capping a weekly gain of nearly 4%. France's CAC-40 ended the week up 2.4% despite Friday's 50 point decline.

The Europe Stoxx 600 index, the broadest measure of European stocks, was 0.6% lower going into the close, at 336.8, but up some 2.4% for the week.

Currency markets were raucous still, with the pound rising against the dollar and the euro falling, as traders continue their attempt fathom and price in the implications of a Trump presidency for global economies.

The pound traded as much as 0.5% higher against the dollar, to reach a weekly high of 1.2675 on Friday, while the euro continued its descent trading down to a week long low of 1.0835.

Fixed income markets were in turmoil, already taking a pounding a due to rising inflation expectations, made worse by a Presidential-Elect whose brash manner threatens to upend the international order and whose economic policies could see U.S. rates rising faster than expected.

The U.K. was the only major European economy to see yields fall on Friday, with the 10-year Gilt yield down from 1.29% to 1.25%.German Bund yields rose further during the dying hours of the week, to reach 0.31%, their highest level since May. French 10-year yields were up 7 basis points, to 0.75%, their highest level since February.

In commodity markets, copper prices surged again Friday, trading past $6,000 per ton and capping the steepest advance in more than 35 years and helping extend a global commodity market rally in the wake of Donald Trump's U.S. election victory.

A Special Invitation

It's not how you voted, it's how you invest. So how can investors win in the wake of this historical election? If you're planning to be in New York on Tuesday, Dec. 6, you are invited to join senior editors from TheStreet and our special guest experts for a cocktail party and lively conversation about the outlook for the U.S. financial markets. Which companies and sectors are poised to profit? What shocks and opportunities await investors in the new year? Listen to and meet our panelists: Lew Altfest, CEO of Altfest Personal Wealth Management; Barry Ritholtz, founder of Ritholtz Wealth Management; and Larry Siegel, director of research at the CFA Institute Research Foundation, with moderator Robert Powell. This evening event is free and will be held in midtown Manhattan. Reservations are required. For more information or to RSVP, please email

Metals prices have been rising since Trump's early Wednesday win as traders predict the President-Elect will boost infrastructure spending with massive tax cuts and new borrowing in order to jump-start U.S. growth and create new jobs in the so-called Swing States in which he was elected.

Bloomberg's benchmark Global Commodity Price Index is up 1.29% on the week, with gains limited by a decline in global crude oil prices, which have dipped after reports of increased supply and waning 2017 demand.

In individual stocks, London gold miners took another pasting on Friday after precious metal prices plummeted for the second day running. The metal finished the week in Europe nearly 6% lower. It has now fallen more than $100 over the week, back toward its pre-Brexit level.

Fresnillo (FNLPF) , whose cost base is largely priced in Mexican pesos, was initially the biggest beneficiary of Trump's victory. As the currency plummeted against the dollar, Fresnillo stock rose; on Thursday and Friday it fell close to 10% in each session. Randgold Resources (GOLD - Get Report) was also a big faller, with the stock down by more than 6%, after it too rounded off a tumultuous week. 

In France, steel maker ArcelorMittal (MT - Get Report) saw its stock fall by 3%, after gaining close to 10% for the week at one point, as commodity markets pulled back and investors focused on recent comments from the group's CEO suggesting that new European rules on emissions permits could place its continental business in danger.

Deutsche Bank (DB - Get Report) shares, which continue to lead European blue-chip gainers this week as investors bet on easier Wall Street regulation and speculate on the nature of the German lender's ties to President-Elect Donald Trump, was the top gainer.

Shares in group rose 4.5% in Frankfurt to change hands at €14.74 each, capping a gain of nearly 20% since Tuesday's election and extending the stock's advance past 45% since the start of the third quarter.

Allianz  (AZSEY) shares were another significant upside mover after Europe's biggest insurance group beat forecasts for its third quarter earnings and confirmed its full-year targets.

The group, which owns Pimco, said inflows into the world's largest bond fund increased to €4.7 billion in the three months ending in September, the first net reading since 2013. Shares ended the day up 1.4%