Worries on global trade result in worst weekly decline since March

European markets ended Friday's session with mixed results. The markets endured their biggest pullback in months this week due to the persistent worries about global trade.

Emerging-market equities snapped seven days of declines while a gauge of currencies also rose. The Stoxx Europe 600 Index pared its worst weekly slide since March. Equities fell in Japan and Australia, while those in China posted gains. Oil had its worst week since July. Gold fell for the eighth week of the past nine.

Traders are keeping a close eye on the Trump administration following the expiration of a public comment period on new US tariffs on USD200 billion worth of Chinese goods.

Meanwhile, Canadian and US foreign affairs ministers will resume their talks on updating the North American Free Trade Agreement. Canadian minister Chrystia Freeland has reportedly called the brief meeting she had with the US minister on Thursday as constructive.

The euro area economy expanded as initially estimated in the second quarter, data from Eurostat showed Friday. Gross domestic product climbed 0.4% sequentially, the same rate as seen in the first quarter and in line with preliminary estimate.

Germany's industrial production declined unexpectedly in July, data from Destatis revealed Friday. Industrial production fell 1.1% month-on-month in July, in contrast to a 0.2% rise economists had forecast. Production decreased 0.7% in June.

Germany's exports declined for the first time in three months in July, while imports grew at a faster pace, Destatis reported Friday.

Exports fell unexpectedly 0.9% on month in July, reversing June's 0.1% rise. This was the first fall in three months. Shipments were expected to climb 0.3%.

Meanwhile, monthly growth in imports accelerated to 2.8% from 1.3% in June. Economists had forecast a 0.1% rise in imports. As a result, the trade surplus fell to a seasonally adjusted EUR 15.8 billion from EUR 19.3 billion in the previous month.