Global Stocks: European stocks traded lower as the cut of Italy’s credit rating by S&P weighed on stocks

U.S. stocks closed higher on Friday, supported by the better-than-expected U.S. labour market data. The U.S. economy added 321,000 jobs in November, exceeding expectations for a rise of 225,000 jobs, after a gain of 243,000 jobs in October. October's figure was revised up from a rise of 214,000 jobs.

The U.S. unemployment rate remained unchanged at 5.8% in November, in line with expectations.

The Dow Jones Industrial Average rose 0.335 to 17,958.79 points on Friday, while the S&P 500 increased 017% to 2,075.37 points.

Europe's stock indices traded lower.

UK's FTSE 100 index was down 0.68% to 6,696.67 points. Germany's DAX 30 declined 0.27% to 1 0,059.67 points, while France's CAC 40 fell 0.49% to 4,397.98.

The cut of Italy's credit rating by S&P weighed on the European markets. S&P downgraded Italy's credit rating to BBB- from BBB late on Friday.

Hong Kong's Hang Seng gained 0.19% to 24,047.67, China's Shanghai Composite rose 2.86% to 3,021.52 after China's imports dropped in November, while exports slowed. China's imports fell 6.7% in November, after a 4.6% rise in October. Exports climbed 4.7% in November, after 11.6% gain in October.

Investors speculate that China's government will add further stimulus measures to boost the economy.

Japan's Nikkei climbed 0.08% to 17,935.64 after mostly weak economic data. Japan's gross domestic product (GDP) was revised down to an annual fall of 1.9% in the third quarter from the preliminary estimate of a 1.6% decrease.

Japan's adjusted current account surplus rose to 947.0 billion yen in October from 414.4 billion yen in September.

Japan's economy watchers' current conditions index declined to 41.5 in November from 44.0 in October, missing expectations for an increase to 45.9.

Japan's economy watchers' future conditions index dropped to 44.0 in November from 46.6 in October.