By POLYA LESOVA And COLIN NG
European stocks finished mostly lower on Friday as investors' mood soured after China raised the reserve-requirement ratio for banks and the U.S. reported an unexpected decline in consumer sentiment.
In Asia, the Shanghai market was also spooked by worries of more policy tightening, while Indian stocks fell to a four-month low amid inflation and interest-rate worries.
The Stoxx Europe 600 index fell 0.1% to 283.77, but gained 1% for the week. Helping set the trading tone, China's central bank said it will once again increase the amount of cash that banks must keep in reserve.
"We're seeing that come through with some of the bigger mining stocks listed in London," said Keith Bowman, equity analyst at Hargreaves Lansdown.
Mining stocks are sensitive to economic news, particularly from China, a major consumer of numerous metals and other commodities.
In LONDON, the FTSE 100 index slipped 0.4% to 6002.07 but eked out a 0.3% weekly gain.Fresnillo slumped 4.2% and Kazakhmys declined 1.3%.
In FRANKFURT, the DAX 30 index finished virtually unchanged at 7075.70, but climbed 1.8% for the week. Steelmaker ThyssenKrupp skidded 3.2%, while exchange operator Deutsche Böerserallied 4.4%.
Exane BNP Paribas said it preferred Deutsche Böerse to the London Stock Exchange Group, and raised its target price on Deutsche Böerse. The broker downgraded LSE to "neutral" from "outperform," but the shares gained 0.3% in London.
In PARIS, the CAC 40 index gained 0.2% to 3983.28, adding up to a weekly gain of 3%. It was led higher by European Aeronautic Defence & Space Co., which advanced 2.2%, extending its strong gains this week.
On the upside in Europe, shares of ARM Holdings rallied 5.3% in London after Intel reported a 48% jump in fourth-quarter profit and offered an upbeat outlook. ASML Holding surged 6.4% in Amsterdam and Infineon Technologies gained 1.6% in Frankfurt.
Broker downgrades hit some stocks. Novo Nordisk fell 1.6% in Copenhagen as Deutsche Bank downgraded the Danish pharmaceutical major to "sell" from "hold," saying that valuation is too rich after an 84% rally during 2010.
In MUMBAI, India's Sensitive Index, or Sensex, fell 1.7% to 18860.44, leaving it down 4.2% for the week. The retreat came after data showed India's wholesale-price inflation for December rose 8.43% from a year earlier, accelerating from November's 7.48%, which kept expectations for aggressive interest-rate increases alive.
HDFC Bank fell 4.2% and State Bank of India lost 2.3%. Axis Bank slid 5.3% and analysts said investors will be watching the bank's earnings report, due Monday, for clues on how badly a cash crunch in the system has hurt Indian banks.
In TOKYO, the Nikkei Stock Average fell 0.9% to 10499.04, giving it a weekly loss of 0.4%, as exporters lost ground when the yen strengthened against the U.S. dollar. Canon lost 1.3% andNissan Motor fell 1.4%.
But some technology shares strengthened after Intel reported better-than-expected earnings.Tokyo Electron climbed 3.2% and Ibiden rose 1.1%.
Fast Retailing jumped 6.4% following Nomura's upgrade to "buy" from "neutral."
In SHANGHAI, the Shanghai Composite index closed down 1.3% at 2791.34, falling 1.7% for the week. Metal companies were pressured by declining global metal prices. Jiangxi Coppersank 8% and Aluminum Corp. of China skidded 2%.
In SEOUL, South Korea's Kospi rose to a record high, gaining 0.9% to 2108.17. Auto makers led the rise. Hyundai Motor added 4.4% as analysts said the company is likely to benefit from growing global auto demand this year, and that its new sedan model also is expected to boost sales. Kia Motors rose 1.2%.
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