Global Stocks

European stocks ended firmly lower on Thursday, with minutes from the European Central Bank and Federal Reserve fueling fears among traders that the era of ultraloose monetary policy is coming to an end. Among top performers on Thursday, Associated British Foods PLC ABF, +2.57% shares jumped 2.6% after the ingredient supplier and parent of fashion retailer Primark said its full-year outlook has improved.

U.S. stocks closed lower Thursday as investors continued to rotate out of battered technology names. A combination of geopolitical jitters and growing signs that global central banks are inching closer to unwinding policies that have helped to support both stocks and government bonds is also weighing on the broader market.

Equity markets across the Asia-Pacific region were lower Friday, tracking declines in the U.S. and Europe, as investors become more cautious about the prospects of global central bank tightening. Australia was leading the declines early in the session, as a slump in the country's bank stocks pressured the benchmark index. Mining stocks there also fell following a report that the Australian government is expecting iron ore to have an average price of $62.40 per metric ton this year, down from an earlier forecast of $65.20.