Investors paused to ponder how Europe's plans to save Greece and the banking sector may play out, with global equities poised to end the week near their highest levels in months.
Britain's FTSE 100 and France's CAC 40 dipped 0.3 per cent, while Germany's DAX edged 0.1 per cent lower. The MSCI world index hit 319.78, the highest level in nearly three months, earlier in the day.
U.S. stock futures were lower. Dow futures fell 56 points, or 0.5 per cent, to 12,112, while S&P 500 futures lost 6.8 points, or 0.5 per cent, to 1,275.80
European leaders worked out broad anti-crisis measures on Thursday after months of fruitless negotiations, but many details have yet to be finalized.
The market's declines came after the head of Europe’s 440-billion-euro bailout fund played down hopes of a quick deal with China to throw its weight behind efforts to resolve the bloc’s debt crisis but said he expects Beijing to continue to buy bonds issued by the fund. Many economists and investors are concerned that the fund is not big enough to cope if Italy and Spain are drawn deeper into the crisis.
The euro slipped to $1.4170 (U.S.) after yields at the sale of 10-year Italian bonds hit a euro-era high above 6 per cent.
U.S. crude oil declined $1.43 to $92.53 a barrel.
Gold fell $7.10 to $1,740.60 an ounce.
The Canadian dollar gained ground, trading at $1.0079 (U.S.).