Continuing concerns about the fallout from the Ukraine-Russia standoff added pressure on European stocks on Friday, with German equities bearing the brunt of tension.
The Stoxx Europe 600 index fell 0.8% to close at 333.50, trimming its weekly advance to 0.3%.
The losses came as U.S. President Barack Obama consulted with key European leaders on the Ukraine crisis, warning Russia that they are prepared to proceed with more significant sanctions against the country.
The consultation came after U.S. Secretary of State John Kerry late Thursday accused Russia of violating its commitment to ease tensions in eastern Ukraine.
In response to the crisis-fueled volatility on financial markets, Standard & Poor’s Ratings Services on Friday cut Russia’s credit rating to one notch above junk.
Meanwhile, Russia’s central bank on Friday bumped up its key interest rate by a half-percentage point to 7.5%.
Among other European benchmarks, Germany’s DAX 30 was hit hard, down 1.5% to 9,401.55, as the country has a deep goods-trading relationship with Russia. For the week, the German benchmark lost 0.1%.
The U.K.’s FTSE 100 gave up 0.3% to 6,685.69, but closed out the week 0.9% higher.
France’s CAC 40 lost 0.8% to 4,443.63, reducing its weekly advance to 0.3%.
Among movers on Friday, shares of Tullow Oil PLC fell 2.5%, after the company said it would abandon an exploration well in Mauritania because of a lack of discovery of hydrocarbons.
French auto maker Peugeot SA said its quarterly sales rose, but its shares fell by 3.6%.
Also in France, shares of Alstom SA were halted, fulfilling a request from the country’s market authority AMF, according to exchange operator Euronext Paris. Alstom shares on Thursday rallied 10.9%, following a report by The Wall Street Journal that General Electric Co. is in talks to buy Alstom’s energy business.
Neste Oil Oyj slid 5.1% after the Finnish oil-refining company lowered its full-year guidance for operating profit.
Deutsche Bank AG gave up 2% after German newspaper Handelsblatt reported that the bank is considering a capital increase of up to 5 billion euros ($6.92 billion).
Bucking the negative trend, Electrolux AB jumped 11%. First-quarter earnings for the Swedish household-appliance maker outstripped expectations. The company said a pickup in demand in Europe offset a temporary decline in the U.S., which grappled with unusually cold weather this winter.
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