European stocks end week at a slight loss

European shares rose on Friday, led by NEX Group as it jumped after a takeover offer, but stocks ended the week with a slight loss as worries about a trade war and geopolitical tensions kept investors on edge. The pan-European STOXX 600 index closed up 0.24 percent and lost 0.1 percent on the week.

Worries about a possible trade war have hung over equities since U.S. President Donald Trump announced this month that he would introduce tariffs on steel and aluminum imports, while a shakeup of the president’s cabinet has also dampened the mood.

Turmoil in the Trump administration added to Friday’s volatile trade, with the U.S. president expected to fire his national security adviser H.R. McMaster, according to news reports, which would be the second high-profile firing from the White House this week. Secretary of State Rex Tillerson was replaced with Central Intelligence Agency Director Mike Pompeo on Tuesday.

Concerns over a possible trade war between the U.S. and key trading partners were still weighing on investors’ minds as well, analysts said. The White House said on Wednesday it will seek to trim the U.S.’s trade deficit with China by $100 billion, using tariffs. The European Union, meanwhile, was working to get the bloc exempt from the tariffs.

Japan’s Nikkei share average slipped on Friday in choppy trade as concerns about U.S. political uncertainty sapped investors’ risk appetite, although the index managed to post weekly gains. The Nikkei ended 0.6 percent lower at 21,676.51 after it briefly flirted in positive territory in early trade. For the week, the benchmark index gained 1.0 percent.

During the coming week Jerome Powell makes his debut in the hot seat, chairing his first meeting of the Federal Open Market Committee after taking over from Janet Yellen. With the economy growing and the labor market tightening, betting is the Fed will raise its benchmark overnight lending rate to a range of 1.5 percent to 1.75 percent.