World Stocks Struggle Near Record Highs; Europe in Focus

A currency passes by the screens showing the foreign exchange rates at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea on Nov. 19, 2021. Ahn Young-joon/AP Photo

LONDON—Concerns over slowing China growth and a spike in COVID-19 cases in Europe stymied the global equity markets rally on Friday with stocks struggling to cling to recent record highs and the euro looking on track for a second straight week of losses.

While U.S. stocks closed at a record high on Thursday, aided by consumer discretionary and tech sectors, the optimism faded noticeably in the Asian session with the regional index set to close down 1 percent for the week.