Europe ends on a high despite oil slip; mixed earnings weigh

European stocks finished the week on a positive note, as investors digested another set of earnings reports and tried to shake off the decline in oil prices.

The pan-European STOXX 600 ended up 0.5 percent provisionally, with most sectors posting strong gains. On the week, the STOXX 600 closed up 0.9 percent provisionally.

London's FTSE 100 ended up 0.6 percent, while France's CAC popped 0.6 percent and Germany's DAX jumped 0.9 percent.


In trade overseas, U.S. markets were trading mostly higher on Friday around Europe's close, while in Asia, stocks retreated to close lower, with Japanese stocks feeling the heat as the yen strengthened against the dollar.

According to Reuters, new retail data from the U.S., gave a boost to European stocks in afternoon trade, after the U.S. Commerce Department said retail sales had risen 1.3 percent in April, its biggest gain in over a year.

In the oil space, prices remained turbulent throughout Friday's trade, as a stronger dollar made it more expensive to hold oil positions, yet outages in Nigeria helped cushion the blow, Reuters reported. Both Brent and U.S. WTI were trading in negative territory at Europe's close, hovering at $47.83 and $46.26, respectively.

The decline in oil prices weighed on the energy market, with Subsea 7 falling over 9 percent, making it one of Europe's worst performers. However, other commodities managed to hold onto gains, with a price rise in spot silver pushing Fresnillo up 3.7 percent.

Earnings: Ubisoft skyrockets; Eutelsat slips 27.6%

On the earnings front, Bouygues confirmed its full-year guidance after its operating loss for the first quarter narrowed thanks to improvement in its telecoms unit, sending shares over 2.5 percent higher.

The media sector under-performed other markets, predominantly due to a 27.6 percent decline in Eutelsat Communications. The satellite operator was faced with ratings downgrades on Friday, after the firm cut its outlook for the year.

French video games maker Ubisoft soared 8 percent to the top of benchmarks, after reporting higher sales and issuing a positive outlook.

Elsewhere, the auto sector was in focus on Friday, after European car sales rose 9 percent in April, according to the Association of European Carmakers (ACEA). BMW said group April global sales were up 1.9 percent year-on-year, helped by strong growth with its MINI brand, but shares were off 2.6 percent by the close, with the stock trading ex-dividend on Friday.

Volkswagen shares popped 1.3 percent, after reporting a rise in new car registrations in April, while Fiat jumped over 2 percent after the firm too posted a sharp rise in its European sales. Renault finished higher after alliance partner Nissan agreed to take a 34 percent stake in Mitsubishi Motors on Wednesday.

In the banking space, UBI Banca shares jumped 5.6 percent after Citigroup raised its price target for the stock.

Elsewhere, In Brazil, Brazil's interim President Michel Temer called on his country to rally behind his government of "national salvation," Reuters reported, hours after the Senate voted to suspend and put on trial his leftist predecessor, Dilma Rousseff, for breaking budget laws.

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