LONDON : Equities faced a mixed end to the week as they slid in the US and Europe but rose in Asia, as traders balanced Brexit and German election concerns against the US President Donald Trump's tax cut plans, dealers said.

The dollar meanwhile sank on a report that Trump's election campaign team was issued with a subpoena for more documents as part of a Russia collusion probe. "US stocks are dipping in early action, following yesterday's rebound from a two-day slide as the global markets appeared to shift to a more cautious tone amid festering domestic tax reform uncertainty, disappointing Chinese economic data..." said analysts at Charles Schwab brokerage. The Dow slid 0.2 percent in percent in the first minute of trading.

European markets flipped around somewhat, but were back down as Wall Street opened. London's FTSE 100 was off less than a tenth of a percentage point, while the DAX 30 in Frankfurt dipped 0.1 percent and Paris' CAC 40 slid 0.3 percent. "European equity markets are also trading in the red... it's simply part of a broader move away from risk and a decision to lock in some profits," said Oanda analyst Craig Erlam.

"Slow progress on tax reform in the US and reports that Robert Mueller has issued a subpoena to the Trump campaign in relation to the Russia probe are two other things that are being blamed for the more risk averse tone." Wall Street had vaulted higher on Thursday, with the tech-heavy Nasdaq scaling a record pinnacle, as House Republicans pushed through a landmark overhaul of the tax system. The positivity spilled across into Asia on Friday, building on the previous day's gains.

However, European indices stumbled on stubborn fears over Britain's EU departure, with sentiment also dented by the strong euro and pound.

European Union leaders warned British Prime Minister Theresa May at a Gothenburg summit on Friday that the "clock is ticking" to make Brexit concessions -- and it is increasingly likely discussions will fail to move on to the next phase as hoped in December.

In Berlin, tough talks to form Germany's next government went into overtime on Friday, putting Chancellor Angela Merkel's political future in the balance as failure to produce a deal could force snap elections. "Markets are continuing to consolidate," City of London Markets trader Markus Huber told AFP. "There are a few worries, like ongoing Brexit negotiations and the stalling of Germany's (Chancellor Angela) Merkel forming a coalition government, but overall global growth and corporate earnings remains firm."

The greenback was meanwhile dented by a Wall Street Journal report. The Journal, citing a source familiar with the matter, reported that Robert Mueller's team issued a subpoena in October to request Russia-related documents from more than a dozen top officials in Trump's campaign. "The dollar was dealt a heavy blow on the back of political factors," noted Rabobank analyst Jane Foley.

"News emerged that Special Counsel Mueller served Trump's election campaign a subpoena in mid-October, signalling that his criminal investigation is chasing links between the President's campaign officials and Russia." "Near-term, the dollar may be a little nervous about the possibility of further developments on the Trump-Russia front but -- in the absence of further news -- markets will have to assume that US tax reform will remain the biggest focus."