European shares head for first weekly drop since April

Concerns about Iraq and Ukraine and subdued economic data left European shares facing their first week of losses since early April on Friday and nudged gold towards a two-month high. Other safe-haven assets including the yen, Swiss franc and German government bonds were also in demand as investors took a step back from riskier bets. The situation in Iraq was tense overnight after at least one armed forces helicopter crashed under fire from insurgents, while Russia warned of "grave consequences" after Ukraine signed a trade and political agreement with the European Union. "The advance (in stock markets) has stopped for a while but there has been no five or ten percent correction," said Alvin Tan, a strategist at Societe Generale.

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