NATO has called for "a global response" to North Korea's ballistic missile tests early on Friday.
US stock futures fell as much as 0.3 percent earlier but last stood down just 0.1 percent while MSCI's Asia-Pacific share index excluding Japan .MIAPJ0000PUS shed 0.1 percent, though it was still up 0.7 percent on the week.
The pan-European Stoxx Europe 600 index swung between gains and losses before closing 0.1 percent higher at 381.79.
The emergency Security Council consultations were requested by the USA and Japan following North Korea's launch of a ballistic missile on Friday local time, which flew over Japan's Hokkaido. Since then, Pyongyang has conducted its most powerful nuclear test, threatened to fire missiles into the waters around the U.S. pacific island territory of Guam and launched two missiles over Japan.
"We condemn in the strongest terms, the ballistic missile launch of 15 September 2017 conducted by the Democratic People's Republic of Korea (DPRK) in a reckless and provocative manner, disregarding regional and worldwide security and stability", the statement said released by the Turkish Foreign Ministry on Friday.
"The risk (from North Korea) is very material but I think compared with what we knew yesterday, we don't know a lot more today", said RBC Capital Markets currency strategist Adam Cole, also in London.
US retail sales unexpectedly fell in August as Hurricane Harvey likely depressed motor vehicle purchases, dropping 0.2 percent last month.
The so-called core CPI, which excludes volatile energy and food prices, rose 0.2 percent. Economists polled by Reuters had forecast retail sales nudging up 0.1 percent.
Following the data, U.S. Fed funds rate futures were pricing in a roughly 45 percent chance the Fed will raise rates by December, versus around 25 percent at the start of this week.
The pound had already recorded its best day since April on Thursday, after investors brought forward their rate hike bets following the Bank of England's signal that it would tighten soon.
"Put together with what they have been doing in the last several months, it is very clear that it is a real threat to the peace and security of the world as a whole", he told reporters before the consultations.