US economic data on Friday were positive.
US nonfarm payrolls increased by 227,000 in February while the unemployment rate stayed at 8.3 percent. With revisions adding a total of 61,000 jobs in December and January, the past six months have added 1.2 million jobs, the most since the six months to May 2006.
Meanwhile, the US trade deficit widened in January, usually a sign of a growing economy. Exports increased by 1.4 percent while imports increased by 2.1 percent to hit a record high.
In Europe, the highlight of the day was the news that Greece has activated collective action clauses to force through its debt swap, prompting the International Swaps & Derivatives Association to declare a credit event.
Economic data from the euro area on Friday were mixed. German exports rose 2.3 percent in January while French industrial production rose 0.3 percent in January. However, Italian industrial production fell 2.5 percent in January.
Also seeing a fall in industrial production in January was the UK. Industrial output shrank 0.4 percent.
China's economy also appears to be cooling. Factory output in the first two months of 2012 grew 11.4 percent from a year ago, its lowest level in over 2½ years. Inflation slowed to a 20-month low of 3.2 percent in February.
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