* STOXX 600 down 0.3 pct
* Pan-European index set for weekly loss
* Miners, financials weigh in risk-off trade
* Oil stocks rise as crude jumps
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By Helen Reid
LONDON, April 7 European shares fell on Friday,
putting them on track for a small weekly loss, as major
benchmarks tracked a global retreat by risky assets.
The pan-European STOXX 600 index was down 0.3
percent. Basic-resource stocks fell the most, 1.5 percent
, but only three sub-sectors advanced. The STOXX 600 is
down 0.4 percent this week.
Banking stocks were set for their biggest weekly
losses in more than a month, down 0.5 percent on the day,
another sign that so-called reflation trades were losing favour.
Oil stocks rose 0.4 percent after crude prices
jumped more than 2 percent to a one-month high, in a reaction to
U.S. President Donald Trump's ordering airstrikes on a Syrian
Investors awaited a report on non-farm payrolls from the
U.S. later in the session.
In Britain, data showed industrial output fell unexpectedly
in February and manufacturers struggled, adding to signs
economic growth may have slowed.
On the day, Swedish packaging materials firm Billerudkorsnas
was one of the stocks declining the most, down 5.4
percent and set for its biggest loss in nine months. The company
warned unexpected extra costs from production problems would hit
its first-quarter earnings.
Its shares were through two days' worth of average 30-day
volume by 0830GMT.
Broker upgrades drove price moves by the top stocks.
British online grocer Ocado was down 4.8 percent,
the largest European decline, after UBS cut its rating on the
stock to 'sell' from 'buy'.
"Growth rates in online grocery have slowed markedly (just
when Ocado is bringing new capacity to market), and we think it
may struggle to maintain price competitiveness in an
inflationary environment," UBS said.
Ocado shares were trading close to a six-month low hit in
Upgrades from RBC boosted merging fund managers Standard
Life and Aberdeen Asset Management, which were up
2.8 and 2.7 percent, the top European gainers.
Broadcasting company Mediaset Espana was up 2.3
percent after JP Morgan upgraded the stock to 'overweight' from
'neutral', citing exposure to strong ad trends in Spain.
A jump in the price of gold to a five-month high as
investors rushed to safe havens sent miner Randgold Resources
up 2.5 percent.
Real estate stocks also rose 0.4 percent, tracking
a global uptick in defensive stocks.
Elisa traded ex-div, down 5.5 percent.
(Reporting by Helen Reid, Editing by Vikram Subhedar, editing
by Larry King)