European stocks slide; Wall Street stages partial recovery

European stock markets declined broadly as the trading week drew to a close, with traders in London and on the continent heading into the weekend. The German DAX suffered the steepest fall, dropping 1.92% and erasing its weekly advance. Spain's IBEX slipped 0.60% on the day, yet still recorded the best weekly performance among the main European benchmarks. The UK's FTSE 100 was the sole index among the five to end the week in negative territory.

Closing levels for European equities

• Germany's DAX settled at 25,820.37, falling 1.92% on Friday and flat on the week.

• France's CAC 40 ended at 8,139.01, down 0.81% for the session but up 2.13% over the week.

• The UK's FTSE 100 closed at 10,673.93, losing 1.01% on the day and 0.52% on the week.

• Spain's IBEX 35 finished at 19,369.49, a drop of 0.60% for the day but a rise of 3.84% for the week.

• Italy's FTSE MIB closed at 50,052.95, declining 0.90% on Friday while gaining 1.12% across the week.

European sovereign yields finished the week lower. The spread between French and German yields tightened modestly.

Friday saw a mixed performance in 10-year yields, but all five markets posted declines on the week. France led the drop, with its 10-year yield falling 21.6 basis points compared with Germany's 7.3-basis-point retreat. That reduced the French-German 10-year spread by 14.3 basis points to around 151 basis points, slipping back under the 100- and 200-hour moving averages. While the peak has not been confirmed, there is some sense of relief.

• Germany's 10-year yield stood at 3.252%, up 1.3 bps on Friday but down 7.3 bps on the week.

• France's 10-year yield was 4.761%, down 1.4 bps on the day and 21.6 bps on the week.

• The UK's 10-year yield was 5.155%, up 0.8 bps on Friday but down 13.8 bps weekly.

• Spain's 10-year yield at 3.836% gained 0.5 bps on the day but lost 11.0 bps on the week.

• Italy's 10-year yield was 4.341%, down 1.7 bps on Friday and 14.4 bps on the week.

US equities rebound, with the Nasdaq leading gains

By the time European markets closed, the Nasdaq 100 had risen 1.82% and the Nasdaq Composite had gained 1.57%, as investors gradually recovered some of Thursday's losses. The S&P 500 climbed 0.86% and the Russell 2000 added 0.81%, while the Dow was nearly flat, up just 22 points or 0.04%. Among the Magnificent Seven, Tesla advanced 4.82% and Nvidia rose 3.86%, leading the rally. Following a 6.36% plunge in the Nasdaq 100 on Thursday, Friday's bounce had only clawed back a portion of that decline by the European close.

Short-term US yields edged higher, with the two-year note rising 3.3 basis points to 4.510% and the 10-year adding 1.2 bps to 4.849%. The 30-year bond was little changed at 5.250%.

Dollar strengthens, gold retreats

The US dollar gained ground against the main currencies in the latest readings. The euro and sterling each lost 0.62%, with EURUSD at 1.1149 and GBPUSD at 1.3365. USDJPY advanced 0.36% to 158.22, while AUDUSD fell 0.85% and NZDUSD slipped 0.82%.

Gold declined 0.66% to $4,060.26, while silver gained 0.27% to $51.91 and copper added 0.26% to $6.2860. Bitcoin was nearly flat at around $75,901, down 0.09%.