Europe stocks end down

PARIS (BestGrowthStock) – European stocks ended slightly lower on Friday, as worries over the outcome of the G20 meeting prompted investors to book some profits after key indexes hit six-month highs in the previous session.

The FTSEurofirst 300 (.FTEU3: ) index of top European shares unofficially closed 0.4 percent lower at 1,089.29 points, while the Euro STOXX 50 (.STOXX50E: ), the euro zone’s blue chip index, ended 0.4 percent lower at 2,872.14 points.

“Earnings have been pretty good and a lot of stocks rose this week on the back of this, so people are using the excuse of currency tensions with the G20 meeting to cash in profits,” said David Thebault, head of quantitative sales trading, at Global Equities, in Paris.

Consumer-related stocks, which had surged earlier in the week, featured among the biggest losers on Friday. LVMH (LVMH.PA: ) lost 1.1 percent and L’Oreal (OREP.PA: ) surrendered 1.9 percent.

On the first day of a two-day meeting meant to smooth the path for a G20 summit in Seoul on November 11-12, the United States struggled to win backing for its proposal of setting targets for external imbalances as a way of pressing surplus countries such as China to let their exchange rates rise.

(Reporting by Blaise Robinson)

Europe stocks end down