On Friday European shares fell and headed for a sixth straight week of losses on persistent concerns about the pace of global economic recovery, with weaker metals prices on China trade data hurting miners. Asian shares slid and U.S. index futures were little changed.
The FTSEurofirst 300 index of top European shares was down after rising 0.9% in the previous session following six days of declines. The index is down 1% so far this week.
Sulzer AG slumped 5.1% as the Swiss pumpmaker said Chief Executive Officer Ton Buechner will leave to join Akzo Nobel NV. Hermes International SCA sank 4.6% as LVMH Moet Hennessy Louis Vuitton SA said it doesn’t intend to make a takeover bid.
Stocks pared losses as the Bundesbank raised its forecasts for German growth, saying Europe’s largest economy has entered a broad and prolonged upswing. Gross domestic product will expand 3.1% this year and 1.8% in 2012, the Frankfurt-based central bank said in its bi-annual economic outlook. That compares with a February prediction by then Bundesbank President Axel Weber of 2.5% growth for this year and a December forecast of 1.5% for 2012.
In the UK, a report showed manufacturing output fell more than forecast in April. Factory output contracted 1.5% after rising 0.2% in March, the Office for National Statistics said.
Asian stocks dropped, dragging the regional benchmark index to its longest streak of weekly losses since October 2008, on concern the region’s central banks will keep raising interest rates to tame inflation even amid signs the global economic recovery may be faltering. The Nikkei 225 Stock Average gained for a fourth day as reports in the US suggested that the recovery in the world’s biggest economy is still on track.