Euro strengthens at end of difficult week

On Friday European shares struggled to follow Asian equities higher as the euro strengthened at the end of a tumultuous week. The dollar declined against most major peers and Treasury yields dropped.

The Stoxx Europe 600 Index drifted lower amid mixed national benchmarks as the common currency climbed for the first time in three days. European Central Bank President Mario Draghi said he was optimistic for wage growth in the region, although stressed the need for patience. European bonds were mixed. The pound pared earlier gains after comments from Brexit Secretary David Davis signaled a continued stand-off in negotiations with the European Union.

Elsewhere, bitcoin hit another record high just days after a plunge of as much as 29 percent, though it later reversed its gains. Commodities bounced after the recent selloff with West Texas crude trading around $56 a barrel.

Earlier in Asia, shares in Japan ended fractionally higher as the yen jumped to the strongest in four-weeks. Equities in Hong Kong and Australia rose, while Chinese stocks traded in Shanghai fell. Indian stocks and the currency advanced after Moody’s Investors Service raised the nation’s credit rating.

The Stoxx Europe 600 Index declined 0.1 percent as of 11:49 a.m. London time. The U.K.’s FTSE 100 Index advanced 0.1 percent. Germany’s DAX Index climbed 0.2 percent. Japan’s Nikkei 225 Stock Average jumped 0.2 percent to the highest in a week. The MSCI Asia Pacific Index jumped 0.4 percent. The MSCI Emerging Market Index increased 0.8 percent to the highest in more than a week. Futures on the S&P 500 Index dipped 0.1 percent to 2,583.25.

West Texas Intermediate crude advanced 1.6 percent to $56.03 a barrel. Gold increased 0.3 percent to $1,282.95 an ounce, the highest in more than a week. Copper gained 0.4 percent to $3.08 a pound.