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LONDON (AFP) – Europe's main stock markets slumped on Friday, with heavyweight miners struck down by fears over Chinese inflation, as shares also came under pressure from concerns over eurozone debt and Korean tensions.

In morning deals, London's benchmark FTSE 100 index shed 1.32 percent to 5,623.73 points, Frankfurt's DAX 30 lost 1.21 percent to 6,795.77 points and in Paris the CAC 40 declined 1.60 percent to 3,700.19.

The Stoxx 50 index of leading eurozone companies dropped 1.76 percent to 2,715.65 points.

"Much of today's weakness in European indices has been triggered by a sell off in the mining sector, which is tracking a fall of 1.7 percent in copper prices," said Joshua Raymond, an analyst at City Index trading group.

"Much of this weakness is a knee-jerk reaction to what is happening in China and fears that they may make further moves to cool excessive growth."

Inflation pressures are growing in commodities-hungry China, a senior central bank official said this week, because of flows of capital into the country and expectations of a revaluation of the yuan.

The nation's consumer price index rose 4.4 percent year-on-year in October, well above the government's full-year target of three percent, with the prices of 18 types of vegetable rising by more than 60 percent.

"There are also undoubtedly fears of a further escalation in tensions in the Korean peninsula," said Raymond.

"The Asia region has been crucial to demand for resources and any escalation of instability in that region, particularly that of which may drag China into the drama could create some added volatility for the key miners in Europe."

In London, the biggest FTSE 100 faller was British resources giant Vedanta, whose share price plunged 4.75 percent to 2,041 pence. Anglo-Australian miners Rio Tinto and BHP Billiton each fell by about 3.5 percent in morning deals.

Asian stock markets closed mostly lower on Friday in quiet trade overshadowed by tensions on the Korean peninsula and the eurozone's debt woes.

With markets in the United States closed on Thursday for the Thanksgiving holiday, dealers lacked a strong peg to buy on.

But Seoul tumbled 1.34 percent after a warning from North Korea that the region could move closer to war if the South and the US go ahead with planned military exercises.

The threat comes days after an exchange of artillery fire between the North and South on Tuesday that left four people dead on a South Korean island, the worst crisis to hit the peninsula since the end of the Korean War.

"European stocks have opened sharply lower this morning following a weak session in Asia overnight amid continued military tensions in Korea and continued fears surrounding the ongoing sovereign debt crisis in Europe," said Edward Keeling, an analyst at Dublin-based stockbrokers Dolmen.

Spain on Friday ruled out any chance of an Irish-style rescue and Portugal said it was under no pressure either, but debt risk premiums nevertheless soared as investors feared Ireland's problems would spread.

The Dublin stock market was down 0.84 percent and Madrid dived 2.38 percent early on.

Ireland's government was bracing for the result of a by-election which is expected to cut its slim parliamentary majority, while trade unions prepared for a mass weekend protest.

As German Chancellor Angela Merkel and French President Nicholas Sarkozy urged a rapid conclusion to negotiations on a bailout worth 85 billion euros (114 billion dollars), it emerged that an announcement could be made Sunday.

Defeat for Prime Minister Brian Cowen's Fianna Fail party in the by-election in Donegal, in the rural northwest of Ireland, could add to the pressure on his government.

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