LONDON, April 7 European shares fell on Friday,
putting them on track for a small weekly loss, as major
benchmarks tracked a global pull-back in risky assets.
The pan-European STOXX 600 index was down 0.3 with
a 1 percent drop for basic resource stocks the biggest
drag and all but two sub-sectors in the red on the day. The
STOXX 600 is down 0.5 percent this week.
Banking stocks were set for their biggest weekly
losses in more than a month, down 0.5 percent on the day, in
another sign that the so-called "reflation trades" were showing
signs of exhaustion.
Oil stocks rose 0.3 percent after crude prices
jumped more than 2 percent to a one-month high in a knee-jerk
reaction to President Donald Trump ordering airstrikes on a
Investors awaited manufacturing data from Britain and
non-farm payrolls from the U.S. later in the session.
On the day, Swedish packaging materials firm Billerudkorsnas
was a top faller, down 5.1 percent and set for its
biggest losses in nine months after it warned on its first
quarter operating profit.
British online grocer Ocado was down 6.5 percent,
the top European faller, after UBS cut its rating on the stock
to 'sell' from 'buy'.
Meanwhile upgrades from RBC boosted merging fund managers
Standard Life and Aberdeen Asset Management up
2.8 and 2.7 percent, the top European gainers.
A jump in the price of gold to a five-month high as
investors rushed to safe havens sent miner Randgold Resources
up 2.1 percent.
(Reporting by Helen Reid, Editing by Vikram Subhedar)