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
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