By William L. Watts, MarketWatch

FRANKFURT (MarketWatch) -- The U.K.'s top share index pulled back from a five-year high Friday, falling prey to profit-taking as U.S. consumer confidence slipped and European Union leaders met for a second day in Brussels.

The FTSE 100 stock index fell 0.6% to close at 6,489.65, but posted at 0.1% gain for the week. The index closed at a five-year high Thursday.

"The FTSE has spent a considerable amount of time above the 6,500 mark this week, so it comes as no surprise that we've seen a bit of selling," said David Madden, market analyst at IG in London.

"Investors were not enticed to go long today with fears of a Cypriot bailout circulating; the island's financial woes have been common knowledge for some time, but today's EU summit in Brussels brought them to center stage," he said in a note.

Euro-zone finance ministers were set to discuss a Cyprus bailout late Friday following a two-day meeting of European Union leaders. Talks were expected to prove thorny.

U.S. stocks traded lower on Wall Street, threatening to end a winning streak by the Dow Jones Industrial Average (DJI) that's lasted 10 days.

Analysts at Credit Suisse on Friday said they were maintaining a 4% overweight recommendation on equities. But they raised their year-end S&P 500 target to 1,550 to 1,640 and lifted their FTSE 100 target from 6,600 to 7,000.

Shares of Bwin.Party Digital Entertainment dropped 4.4%, with analysts noting the company's revised 2013 outlook.

Shares of pest-control company Rentokil Initial PLC jumped more than 9% after announcing 2.8% sales growth in 2012 and above-target cost savings.

Shares of Royal Dutch Shell (RDSA)(RDSB) dropped 1.8%. Analysts at J.P. Morgan downgraded the oil giant's shares to underweight from neutral, citing concerns about growth, potential capital requirements, and the implications for near-term cash returns.

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