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Europe closes higher despite no Greek resolution

Euro zone stocks closed higher on Friday, paring earlier losses, as investors kept an eye on Greece's looming debt deadline. U.K. stocks underperformed to close lower.

The pan-European Stoxx 600 index finishing the day around 0.2 percent higher. On the week, the Stoxx 600 index closed roughly 3 percent higher.

The French CAC closed around 0.4 percent higher, with the German DAX finishing higher by around 0.2 percent.

The FTSE 100 index however, ended its trading day around 0.8 percent lower.

Symbol
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Price
 
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FTSE
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DAX
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CAC
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IBEX 35
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Greece is staring down the deadline gun, at risk of defaulting on a 1.6 billion euro ($1.8 billion) debt due to the International Monetary Fund on June 30.

The Eurogroup of euro zone finance ministers will meet yet again on Saturday to discuss proposals for a cash-reforms-deal to save Greece and soothe fears of a "Grexit" from the euro zone.

Read MoreCheckmate: Is this Greece's final, final deadline?

German Chancellor Angela Merkel told a news conference on Friday that time was running out and a deal was needed on Saturday.

"We are saying, not without careful thought, that this Eurogroup is of decisive importance, taking into account that time is very short and that a result must be worked on," she said, Reuters reported.

U.S. stocks traded mixed on Friday, as investors tracked the latest Greece headlines.

Elsewhere, Russia's economic contraction is steepening, data showed on Friday, with its economy shrinking by 4.9 percent year-on-year in May.

K+S soars, ARM tumbles

The STOXX 600's best performer on Friday was German agricultural chemical and salt company K+S, whose shares closed almost 30 percent higher after a 7 billion euro takeover offer by Canadian fertilizer producer Potash.

Two sources close to the matter said the deal was likely to be rejected as being too low, Reuters reported.

At the bottom of the STOXX and the FTSE 100 was ARM, shares of which finished 5 percent lower after Bernstein cut the semiconductor company's target price Friday.

Tesco topped the FTSE 100, ending around 2.7 percent higher, after the embattled retailer reported same-store sales, excluding fuel, that were down 1.3 percent in the first quarter and warned that short-term volatility remained.

Read More'Nobody said this was going to be easy': Tesco CEO

What's in store for next week?

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