European markets higher following surprise victory of UK’s conservative party

European markets closed the week higher after a surprise victory for the U.K.'s conservative party in the country's national elections. Prime Minister David Cameron gained an unexpected majority of votes from the electorate, giving his party, frequently referred to as the 'Tories' in Britain, another term in government.

Elsewhere, in Germany, the eurozone's largest economy, data published by the Federal Statistics Office destatis showed exported goods to the value of 107.5 billion euros and imported goods to the value of 84.5 billion euros in March 2015. These were the highest monthly export and import values ever recorded and represented an increase of 12.4% for exports and an increase of 7.1% for imports.

In Greece, Prime Minister Alexis Tsipras said Friday there are no more technical reasons to withhold aid from Greece. The country’s creditors are not convinced. Hours after the Greek leader told lawmakers in Athens that the euro area needed only political courage to unlock more financial aid, a European Union official in Brussels told reporters there’s still technical work to be done before Europe’s most-indebted state will get any more money.

The MSCI Emerging Markets Index this week lost 1.1 percent. Emerging-market stocks ended a three-day decline and currencies from Brazil to South Africa strengthened as U.S. jobs data fueled speculation that the Federal Reserve won’t start raising interest rates anytime soon.

Oil increased in New York after a rebound in U.S. payrolls boosted optimism the economy is accelerating. Oil has rebounded almost 40 percent from a six-year low reached in March as drillers idled rigs targeting oil in the U.S. to the fewest since September 2010. While the nation’s crude output slowed last week, supplies are more than 100 million barrels above the five-year average for this time of year.