Canada's benchmark S&P/TSX fell 91.45, or 1.52%, to 5,935.33, dropping below the 6,000 for the first time in many months.
European markets declined. In London, the Financial Times-Stock Exchange 100 index fell 81.20 points, or 2.09%, to 3,799.10, led down by pharmaceutical stocks GlaxoSmithKline and AstraZeneca on the heels of Schering-Plough's negative forecast.
In France, the CAC 40 lost 95.14 points, or 3.3%, to 2,765.90. And in Germany, the DAX Index declined 98.68 points, or 3.5%, to 2,714.62, led by bank stocks.
Asian markets finished higher. The Nikkei gained 91.12 points, or 1.02%, to 9,027.55, after falling below the 9,000 mark on Thursday. Japan's major stock indices bounced back from a four-straight day fall on Friday, on bargain-hunting. A rally in telecom stocks counteracted a continued decline in bank shares.
In Hong Kong, the market was up 67.05 points, or 0.75%, to 9,051.37.