Mar­kets mixed as in­vestors re­act to earn­ings and mon­i­tor po­lit­i­cal de­vel­op­ments in Spain

The Malta Independent on Sunday - - BUSINESS & FINANCE -

The main Euro­pean mar­kets were mixed as in­vestors re­acted to cor­po­rate earn­ings and mon­i­tored po­lit­i­cal de­vel­op­ments in the re­gion. For the week, Europe’s Stoxx 600 was down by nearly 0.4 per­cent. Banks were the best per­form­ers on Fri­day, with the sec­tor fin­ish­ing higher by 1 per­cent.

Truck­maker Volvo soared to the top of the Euro­pean bench­mark af­ter the Scan­di­na­vian firm re­leased its lat­est fig­ures. Swe­den’s biggest man­u­fac­turer re­ported a stronger-thanan­tic­i­pated rise in quar­terly core earn­ings as ro­bust de­mand for heavy trucks more than off­set costs from its sup­ply chain. Volvo closed 7 per­cent higher on the news.

Antofa­gasta and ArcelorMit­tal both closed over 1 per­cent higher af­ter a firmer cop­per price sup­ported shares of min­ing firms.

The se­cond day of the EU Sum­mit took place in Brus­sels Fri­day. Prime Min­is­ter Theresa May de­nied re­ports that the U.K. had in­creased its fi­nan­cial of­fer to the Euro­pean Union as part of its steps to leave the bloc.

Else­where, in­vestors con­tin­ued to mon­i­tor de­vel­op­ments in Cat­alo­nia, af­ter news emerged Thurs­day that Spain’s cen­tral gov­ern­ment would move to sus­pend the re­gion’s au­ton­omy. Re­ports Fri­day said the Span­ish gov­ern­ment had agreed with the op­po­si­tion So­cial­ists to hold re­gional elec­tions in Jan­uary in Cat­alo­nia.

The dol­lar climbed, Trea­suries fell and U.S. stocks posted a sixth straight weekly gain on bets Don­ald Trump was closer to pulling off one of his biggest leg­isla­tive pri­or­i­ties af­ter the Se­nate ap­proved a bud­get ve­hi­cle for tax cuts.

All three U.S. equity bench­marks hit records. The dol­lar reached a three-month high and 10year Trea­sury yields ap­proached 2.4 per­cent amid spec­u­la­tion Trump was mov­ing closer to se­lect­ing the next Fed­eral Re­serve chief.

Ja­pan’s Nikkei share av­er­age rose for the 14th straight ses­sion on Fri­day to post its long­est win­ning streak in over 50 years, as a weaker yen helped stocks re­coup ear­lier losses.

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