Banks and resource firms led European stock markets to losses on Friday, after strong rallies earlier in the week, with an upbeat reading on the German business climate failing to push markets into positive territory. The Stoxx Europe 600 index XX:SXXP +0.0074% fell 0.2% to 271.26, after four days of gains. Shares of Outotec Oyj FI:OTE1V +7.22% jumped 7.4% after the Finnish metals-processing firm lifted its services-sales target to grow to an annual level of 1 billion euros ($1.29 billion) by the end of 2017 from a previous target of €500 million by the end of 2015. Pointing in the other direction, shares of German supermarket retailer Metro AG DE:MEO -3.00% lost 2.8% after Nomura cut the stock to neutral from buy. Nomura also cut the entire European supermarkets sector to neutral from bullish. Shares of French supermarkets chain Carrefour SA FR:CA -1.85% lost 1.3%. The broader stock markets slightly trimmed losses in the morning, after the Munich-based Ifo Institute said its business-climate index rose to 101.4 in November from 100 in October, topping analysts' expectations. Among other notable movers in Europe, shares of resource firms posted some of the biggest losses. Shares of Rio Tinto PLC UK:RIO +0.07% RIO +0.19% AU:RIO +0.18% fell 0.7%, while those of Anglo American PLC UK:AAL -0.26% gave up 0.5%. The FTSE 100 index UK:UKX +0.17% tripped 0.1% to 5,786.72. Oil firms also followed the downbeat mood in London, with shares of BG Group PLC UK:BG -0.09% down 0.5%, tracking a drop in oil prices. And in France, oil group Total SA FR:FP -0.76% TOT +0.51% dropped 0.7%. France's CAC 40 index FR:PX1 +0.03% lost 0.4% to 3,485.02. In Germany, banking shares posted some of the biggest losses. Commerzbank AG DE:CBK -2.41% dropped 3.4% and Deutsche Bank AG DE:DBK -0.54% gave up 0.9%. The DAX 30 Index DX:DAX +0.06% fell 0.4% to 7,220.57.
