European equities extend losses after data disappoints

Nick Serff, Market Analyst, City Index commented: "Weaker than expected results from JP Morgan and softer Michigan Confidence data pulled global equity's lower on Friday afternoon. JP Morgan managed to beat the street with earnings per share of 74 cents, higher than the expected 61 cents. However bigger losses from credit card loans and mortgage defaults sent the shares down over 2 percent.

Michigan consumer sentiment data released at 14:55 London time came in lower than some analysts had been expecting. The survey that gathers information on consumer expectations on the state of the overall economy, fell short of the 73.9 median forecast. Stocks indexes across Europe sold of hard after the numbers, with the German DAX 30 the worst performer dropping over 2 percent.

Investors will now be turning their focus to more banking results due early next week. After today's results from JP Morgan, Bank of America and City Group will be closely eyed, as both have large exposure to consumer loans."