Shares of Richemont, the owner of luxury watch brands including IWC and Piaget, closed around 4.3 percent lower after it reported a steep decline in Asia-Pacific sales for the fiscal year, despite an overall rise in sales for the year. Natixis cut its outlook on Richemont's stock to "neutral" "from "buy."
The results had a knock-on effect on Swatch, which closed around 2.8 percent lower on Friday.
The hunt for the EgyptAir flight that went missing on route from Paris to Cairo continues. Airline stocks such as Air France-KLM traded lower on Friday.
Italy's Unicredit was one of the top performers on the STOXX 600 on Friday, closing up 7.6 percent. This followed media reports that suggested the lender was reviewing a plan to sell assets to boost its capital base.
Brent and WTI crude oil traded flat to lower on Friday at the close of European stock markets. Prices gained earlier in the day as disruption in Nigeria, shale bankruptcies in the U.S. and tumult in Venezuela contributed to tighten crude output.
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