EUROPE MARKETS: European Stocks Extend Selloff, Head For Weekly Fall

By Carla Mozee, MarketWatch

LONDON (MarketWatch) -- European markets fell sharply Friday, driving toward weekly losses, as investors backtracked from global stocks on valuation concerns.

The Stoxx Europe 600 lost 1% to 330.13 and was set for 2.6% drop on a weekly basis, the first such decline since the week ended March 14.

European stocks opened solidly lower in the wake of selloffs in Asia and on Wall Street. The Nikkei 225 closed down 2.4%, its lowest level this year, while the Nasdaq Composite (RIXF) fell 3.1% as tech and biotech stocks extended their pullbacks.

Among European tech names, shares of ARM Holdings PLC slumped by 3.9%, Infineon Technologies AG was down 3% and Logitech International SA gave up 2.7%.

Orkla ASA led decliners on the pan-European index, down 5.5% as shares of Norwegian conglomerate traded without dividend rights. Also hit hard, Thales SA shares slid 4.5% after J.P. Morgan cut its rating on the French defense-electronics group to neutral from overweight.

U.K.'s FTSE 100 fell 0.7% to 6,594.64 with only seven of the index's components moving higher. Wm. Morrison Supermarkets PLC gained 1.2% and J Sainsbury PLC picked up 0.5%.

Germany's DAX 30 dropped 1.3% to 9,334.03, and France's CAC 40 fell 0.9% to 4,374.16.

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