New York and London lead markets higher as oil poised to advance

US treasuries looked to cap a weekly advance spurred by the Federal Reserve’s signal that it’s in no rush to lift rates. Emerging-market stocks headed for their best week in eight months, while US equities were little changed with the dollar.

In Europe, the Stoxx Europe 600 Index ended 0.2pc higher as it notched a weekly gain of 1.4pc.

In London the FTSE 100’s record run continued, taking the index to a new all-time high of 7,447, though it ended slightly lower at 7,424.96. Bank stocks led the charge higher. In a quiet holiday session in Dublin the Iseq closed up 0.30pc at 6,703.77.

Tullow Oil shares ended Friday down 14.75pc in London, after announcing its surprise rights issue. The shares closed at 202.3 pence each, after the company said it will issue 466.9 million shares at 130p each, at a 45.2pc discount, to help right its balance sheet.

In the US, the yield on the 10-year Treasury note slipped to 2.50pc, resuming a slide sparked by a dovish tone from the US central bank. The S&P 500 Index pared for a weekly gain, and developing-nation shares rose a sixth day. The euro touched a five-week high. Oil prices were poised for their first weekly advance this month after Saudi Arabia’s Energy Minister told Bloomberg News the kingdom may prolong production cuts. US equity trading may be volatile amid a quarterly event known as quadruple witching, when futures and options contracts on indexes and individual stocks expire.

While momentum faded on Friday in New York, global stocks were still on course for the best week since January after the Fed raised its benchmark lending rate a quarter point without accelerating the timetable for future hikes. US policymakers’ reticence to speed up tightening is prompting investors to ditch the dollar in favour of higher-yielding currencies, while the most tranquil markets in two years are spurring a hunt for returns in riskier landscapes.