European stocks recorded significant losses on Friday and the second weekly decline in a row.

It was something of a hangover from Thursday, when news that the US economy is back in growth resulted in three month highs. Many traders have been wary that an 8-month, 50 percent rebound in the markets may be outpacing real prospects for economic growth. And with the global government stimulus efforts beginning to draw to a close, no-one wants to get carried away. The FTSE finished the day down just over 1.8 percent, while Frankfurt’s Dax lost more than three percent. Oil slipped slightly but remains near the one-year high of 82 dollars a barrel.More about: European markets, Markets

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