In London the FTSE shed 14 points (-0.3%) to settle at 5387, whilst the CAC (-0.9%) and DAX (-0.5%) also lost ground.
Stateside, the Dow Jones shed just two points to settle at 11866, whilst the broader S&P 500 added four points (+0.3%) and the tech-heavy Nasdaq outperformed, adding 14 points (+0.6%).
Despite recording a positive close in the last two sessions the S&P endured its first weekly loss this month as European leaders struggled to solve the region’s debt crisis and the Federal Reserve refrained from additional stimulus.
The euro retreated against the majority of its most-traded counterparts amid increased concerns EU leaders will not be able to contain the debt crisis after Fitch put France on negative outlook and declared six other nations may be down downgraded.
The Canadian dollar was another loser, extending its biggest five-session drop in six weeks amid speculation Europe is struggling to contain its sovereign-debt crisis.
Major commodities ended the week on a slightly better note after suffering heavy falls earlier in the week.
Crude oil slipped just 0.4% to settle at US$93.78 but gave up 5.5% from the prior Friday’s close.
Elsewhere gold added 1.3% but gave up 6.8% for the week to close at $1,602 an ounce.
In company news, Billabong has warned that its sales growth trend has deteriorated in recent months due to a tough trading environment.
There is no major local economic data due out for today’s session.