UK homebuilder Vistry plunges 15%

European markets closed lower on Friday, as investors digested corporate results and quarter-point interest rate cuts from the U.S. Federal Reserve and Bank of England.

The pan-European Stoxx 600 ended the session 0.66% lower, with most sectors and major bourses in closing in the red. Mining stocks led the losses, shedding 4.2%, while travel and leisure stocks ticked up 0.8%.

The index ended down 0.19% on the week.

The losses in Europe come as market participants continue to assess political upheaval in Germany and President-elect Donald Trump's historic victory this week.

Germany's DAX

 index closed 0.8% lower, paring gains from the previous session, after Chancellor Olaf Scholz sacked Finance Minister Christian Lindner on Wednesday evening and appointed his successor on Thursday.

The move, which brought a dramatic end to the country's three-way coalition government, raises the possibility of an immediate no-confidence vote and new elections. Scholz has said he does not want to call a vote of confidence before mid-January.

Elsewhere, Asia-Pacific markets were mixed on Friday. In a highly anticipated announcement, China said the central government would allocate an additional 6 trillion yuan ($840 billion) to local governments to help tackle hidden debt issues.(Cay)

Source: CNBC