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