The FTSEurofirst 300 index closed down 1.1 percent at 1,019.66 points. On Thursday,  European equities ended lower, snapping a five-day winning streak, there were concerns over tough new Basel regulations and Citigroup’s equity offering affecting banking stocks. The Dow Jones industrial average fell 132.86 points, or 1.27 percent, to end at 10,308.26. The Standard & Poor’s 500 Index dropped 13.10 points, or 1.18 percent, to 1,096.08. The Nasdaq Composite Index fell 26.86 points, or 1.22 percent, to close at 2,180.05. The benchmark Nikkei dropped down 21.75 points to 10,142.05 after it fell to just above the 10,000 mark. The Topix slid 0.3 percent to 893.59.

Ireland recorded 0.3 per cent growth in the third quarter, which pulled it out of recession ahead of the UK despite a savage contraction over the previous year. Market expectations came in at 0.1 per cent rise for the three months to September. Yesterday, London, Paris and Frankfurt stood up against political showboating in face of the European Commission’s draft Alternative Investment Fund Management directive. Yesterday, despite fierce opposition from some lawnmakers, the senate panel approved Ben Bernanke’s nomination to a second term as head of the US Federal Reserve. Yesterday, in Greece the economic crisis has led to more social unrest, with thousands taking to the streets to protest against public spending cuts.

Due for release today there is the JPY BOJ Press Conference, EUR German IFO Business Climate and GBP Public Sector Net Borrowing.

By Greg Secker