EUROPE MARKETS: German DAX Pays The Price Of Gross Exit As Allianz Sinks

By Sara Sjolin and Barbara Kollmeyer, MarketWatch , Tommy Stubbington

LONDON (MarketWatch) -- German insurer Allianz AG tumbled in late afternoon trading on Friday, leaving the German DAX 30 index to underperform in an otherwise up day, after famed asset manager Bill Gross resigned from Pimco, a subsidiary owned by the company.

The main benchmarks started out in the red, but gradually moved higher throughout the session, as U.S. stock futures rose and the regular Wall Street trading session started on an up note. On Thursday, both European and U.S. stock markets closed sharply lower, with the S&P 500 index (SPX) and the Dow Jones Industrial Average (DJI) suffering their worst losses since July 31.

On Friday, the Stoxx Europe 600 index gained 0.3% to close at 342.30, although that wasn't enough to send it into positive territory for the week. The pan-European benchmark posted a 1.8% weekly loss, following a week with lackluster German data and worries about Chinese growth.

Bill Gross exits, Allianz drops: Germany's DAX 30 index , which is down 3.2% on the week, eased 0.2% to 9,490.55 on Friday. News that Gross had resigned to join Janus Capital Group (JNS) helped push the index lower, as the news appeared to shock the market. Allianz was the top decliner in Europe, tumbling 6.2%. Read: A tale of two firms: Allianz slides as Gross exits, Janus jumps

Shares of Adidas AG also weighed on the German index, falling 1.2%, while its rival Nike Inc. (NKE) rallied in the U.S. after upbeat results.

Across other indexes, France's CAC 40 rose 0.9% to 4,394.75, buoyed by a 2.3% gain for oil giant Total SA (TOT).

The U.K.'s FTSE 100 index rose 0.2% to 6,649.39, but closed out the week 2.8% lower.

In currencies, the dollar (USDRUB) surged to an all-time high against the ruble at 39.143 rubles, up 1.7%, according to FactSet.

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