European stocks reversed losses to end higher, buoyed by news of a regime change in Egypt.
In Asia, shares in Hong Kong and India gained on Friday, while most other markets edged lower.
The Stoxx Europe 600 Index advanced 0.4% to end at 287.99, snapping a three-day losing streak. London's FTSE 100 Index gained 0.7% to 6062.90. Frankfurt's DAX rose 0.4%% to 7371.20, its highest close since January 2008, and Paris's CAC-40 Index added 0.2% to 4101.31.
In HELSINKI , mobile-phone company Nokia /zigman2/quotes/207421390/composite NOK +2.56% plunged 14%. The company said it will adopt Microsoft /zigman2/quotes/207732364/composite MSFT +2.43% 's Windows Phone as its main smartphone platform and will forge other close ties with the U.S. software maker. Nokia offered no projections for next year or new products, and said 2011 and 2012 are likely to be transition years.
In PARIS , Alcatel-Lucent rallied 7.2%, extending Thursday's surge on a strong earnings report.
Michelin /zigman2/quotes/203570581/delayed FR:ML -2.45% advanced 3.7% after the tire maker reported a rebound in earnings for 2010 and said it started the succession process to replace its managing general partner.
Société Générale /zigman2/quotes/206663756/delayed FR:GLE -0.06% gained 1.7% as concerns about the French bank's exposure to the country's economy and its plans for expansion in Egypt receded.
But L'Oreal /zigman2/quotes/204720038/delayed FR:OR +0.01% slumped 4.2% after the cosmetics group reported 2010 operating profit slightly below market expectations late Thursday.
In FRANKFURT , ThyssenKrupp /zigman2/quotes/207409543/delayed DE:TKA -0.03% dropped 2.7%. The steelmaker reported higher-than-expected start-up costs from new steel mills in the latest quarter and said those costs will continue into 2011.
In LONDON , grocery-delivery firm Ocado Group /zigman2/quotes/207225647/delayed UK:OCDO +1.06% slumped 11% after the pension fund of retailer John Lewis sold its 10.4% stake in the company at a discount.
Elsewhere, the Bombay Stock Exchange's Sensitive Index rose 1.5% to 17728.61, but fell 1.6% for the week, it's third consecutive weekly decline. South Korea's Kospi lost 1.6% to 1977.19, declining for a fourth straight session on concerns over inflation. It tumbled 4.6% for the week. Australia's S&P/ASX 200 fell 0.7%, and Hong Kong's Hang Seng Index gained 0.5%. Japanese markets were shut for a public holiday.
In HONG KONG , Wynn Macau /zigman2/quotes/200973447/delayed HK:1128 +2.97% bucked declines in the gambling sector to finish up 3.3% after it said its fourth-quarter net profit more than doubled from a year earlier.
In MUMBAI , Indian shares broke a three-day losing streak, with banking and auto shares leading gains on hopes that slowing industrial growth will reduce pressure on the central bank to raise policy rates.
"The markets were in the oversold region, so a bounce back was expected, but this does not mean that we are out of the woods," said Ambareesh Baliga , vice president at Karvy Stock Broking.
ICICI Bank climbed 4.2% and State Bank of India gained 3.5%. State Bank of India later said it would raise its benchmark prime lending rate and the interest rate on certain deposits, effective Monday.
Tata Motors /zigman2/quotes/209145303/composite TTM +4.40% added 3.8% after posting better-than-expected October-December earnings.
Reliance Infrastructure continued to climb back from Wednesday's 19% plunge, gaining 5.2%.
In SEOUL , shares slid on continued foreign selling and expectations that the Bank of Korea will raise its key policy rate next month, despite the central bank holding the rate steady at 2.75% Friday.
"Local firms' fourth-quarter earnings have been generally weaker than anticipated, and now there is the issue of [expectations for] higher interest rates, which would lead to a higher won and likely weaken corporate earnings further," said Hyundai Securities analyst Bae Sung-young .
Insurers, which benefit from higher rates, fell. Samsung Life shed 2.8% and Meritz Fire & Marine lost 3.4%.
Hana Financial Group slid 5.7% after the company said Thursday that it will raise 1.43 trillion won ($1.28 billion) in a share sale to institutional investors.
In SYDNEY , resource stocks led the decline.
Brokers kept their bullish recommendations on Rio Tinto /zigman2/quotes/202627887/composite RIO +0.63% and Newcrest Mining /zigman2/quotes/203840223/delayed AU:NCM -0.67% after both companies delivered better-than-expected earnings, while beating expectations for dividend payments. But Rio Tinto fell 1.6% and Newcrest dropped 1.4%.
The building-materials sector offered a bright spot, with Boral /zigman2/quotes/208897707/delayed AU:BLD +3.10% rising 1% and James Hardie /zigman2/quotes/200042563/composite JHX +2.80% adding 2.5%, extending their recent outperformance on improving U.S. economic data.
In TAIPEI , inflation concerns weighed on shares. Airline and technology-sector stocks faced heavy foreign selling, with China Airlines down 5.2% and EVA Airways sinking 5.8%, while Asustek Computer dropped 6.3% and AU Optronics declined 2.6%.