Japan's Nikkei average .N225 dived 3 percent on Friday to log a seventh straight week of losses, its longest such run since the third quarter of 2001, as investors sold stocks and other risky assets on concerns over slowing global growth and a deepening euro zone crisis.

Incoming French President Francois Hollande meets with U.S. President Barack Obama ahead of a meeting of G8 leaders this weekend and a NATO summit that immediately follows. Analysts and officials say there is little doubt the U.S. president will use the opportunity to try to build rapport and stress the importance of European cohesion.

Facebook Inc (FB.O) is set to raise up to $18.4 billion in its IPO and become the first U.S. company to be worth more than $100 billion at its debut, as investors bet on a big pop in the stock when it begins trading on the Nasdaq on Friday.

Strong athletic footwear sales are expected to boost earnings for Foot Locker (FL.N), whose results outpaced Wall Street estimates throughout 2011. Financial performance in Europe will be a point of focus, considering the macro-headwinds in the continent, although its performance in the U.S. is expected to be solid. Clothier AnnTaylor also reports quarterly results.

GE (GE.N) General Electric aims to double the number of joint ventures it has in China from the current 28 in roughly five years, its vice-chairman said on Friday.

The company is also working with the government of Myanmar on possible infrastructure projects, its vice-chairman said on Friday, a day after the United States said it had suspended sanctions barring U.S. investment in the poor Southeast Asian country.

U.S. stocks hit a four-month low on Thursday as rising Spanish bond yields increased investor anxiety over that country's banks and another round of weak data undermined hopes for U.S. economic recovery.

The Dow Jones industrial average .DJI dropped 156.06 points, or 1.24 percent, to 12,442.49. The Standard & Poor's 500 Index .SPX fell 19.94 points, or 1.51 percent, to 1,304.86. The Nasdaq Composite Index .IXIC lost 60.35 points, or 2.10 percent, to 2,813.69.

(Reporting By Francesco Canepa)

• A Permanent Economic Emergency