European Stocks Slide On Uncertain Global Economy

(RTTNews) - European stocks declined Friday after a mixed U.S. jobs report muddied the outlook for U.S. interest rates.

Markets remained skeptical of yesterday's promise from European Central Bank President Mario Draghi that policy makers stand ready with additional economic stimulus.

Somewhat upbeat economic news from Germany failed to cheer investors.

On the economic front, Germany's industrial production grew less than expected in September, but it recovered from a decline seen in the prior month, data from Destatis revealed.

Industrial production expanded 1.4 percent in September from August, when it fell by 3.1 percent. Economists had forecast a 2 percent rise for September.

Separate data released by Destatis showed that Germany's exports and imports recovered in September. Exports climbed 5.5 percent month-on-month in September, partially offsetting the 5.8 percent decrease seen in August. The growth rate also exceeded a 2.7 percent rise forecast by economists.

The Euro Stoxx 50 index of eurozone bluechip stocks slipped 1.2 percent, for a weekly loss of 1.55 percent.

The German DAX fell 0.91 percent, the French CAC 40 slid 0.89 percent and Switzerland's SMI eased 0.53 percent. The FTSE 100 index of the U.K., however, nudged up 0.25 percent.

In Frankfurt, Allianz rose 3.6 percent after announcing increased dividend. Deutsche Bank raised the stock to "Buy" from "Hold."

Banks struggled amid talk of more oversight from European regulators.

In London, miners rallied, including Fresnillo, Anglo American and Rio Tinto.

Goldman Sachs raised Intertek to "Buy" from "Neutral." The stock added 2 percent.

Vestas Wind Systems surged 17 percent in Copenhagen. The wind turbine maker reported a profit for the third quarter compared to a loss last year, reflecting growth in revenues.

ArcelorMittal rose 2.2 percent, after reporting a profit for the third quarter.

Skanska climbed 3.7 percent in Stockholm after quarterly results topped estimates.

SwissRe rose 2 percent as net profit rose more than expected in the third quarter.

Richemont advanced 4.7 percent. The luxury goods group reported sales growth for the first half on international demand for jewelery.

Data from the U.S. Labor Department showed non-farm payroll employment to have risen by 214,000 jobs in October following an upwardly revised increase of 256,000 jobs in September.

Economists had expected employment to climb by about 235,000 jobs, compared to the addition of 248,000 jobs originally reported for the previous month.

Unemployment rate hit its lowest level since July 2008, dropping down to 5.8 percent in October, from 5.9 percent a month earlier.