Europe close: Shares end week on a mixed note

European stocks were mostly lower on Friday following some disappointing corporate releases despite a better-than-expected reading on thuird quarter US gross domestic product.

The benchmark Stoxx Europe 600 index was down 0.27% by the close alongside a loss of 0.19% for Germany’s DAX while France’s CAC 40 gained 0.33%.

Gross domestic product expanded at a quarterly annualised pace of 2.9%, the Department of Commerce said, ahead of the 2.6% forecast by economists and growth of 1.4% in the second quarter.

The core price deflator for personal consumption expenditures, contained in the same report, advanced at a 1.7% pace, down from the 1.8% seen in the previous quarter.

Rob Martin at Barclays Research labeled the underlying details of the report "solid", although the softness in capital and consumer goods imports "remain a source of concern".

At the same time, oil prices were a little weaker amid ongoing doubts over whether OPEC and non-OPEC producers will agree an output cut to ease the glut. West Texas Intermediate was down 0.95% at $49.25 a barrel and Brent crude was off 0.84% to $50.05.

Banking stocks were in the spotlight again, with numbers out from UBS, BNP Paribas and Royal Bank of Scotland.

The Stoxx 600 index of banks´ shares retreated 0.30%.

UBS was in the black despite reporting a big drop in third-quarter net profit on the year, while BNP Paribas slipped despite posting better-than-expected revenue and third profit for the third quarter.

Royal Bank of Scotland reversed earlier gains to trade lower after its third-quarter update. The bank reported a loss attributable to shareholders of £469m compared to a profit of £940m in the same period last year as it took a hit from litigation and restructuring costs. However, adjusted operating profit came in at £1.3bn, up from £1.1bn the year before and beating company-compiled consensus of £734m.

Away from banks, Anheuser Busch InBev was sharply lower after it said volumes dropped in the third quarter and cut its outlook for the full year.

Shares in Novo Nordisk tumbled after it downgraded its full-year sales and operating profit guidance on the back of weak US markets and reported a drop in operating profit for the first nine months of the year, while Gemalto also tanked following a weaker-than-expected outlook for next year.

Drug maker Sanofi pushed up after its earnings surpassed expectations and it raised its outlook for the year, but Total slipped despite posting better-than-forecast net profit for the third quarter.

British Airways and Iberia parent International Consolidated Airlines Group gained ground despite reporting a drop in third quarter operating profit before exceptional items to €1.21bn from €1.25bn a year ago and cutting its earnings outlook.

Tullow Oil slipped even receiving a $345m loan to cover April's scheduled amortisation and ensure the company has enough headroom throughout 2017 as it refinances its bank facilities.