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Europe closes mixed on earnings; Volvo up 7%; STOXX 600 down 0.4% on week

European markets closed mixed on Friday afternoon, as investors reacted to corporate earnings and monitored political developments in the region.

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The pan-European Stoxx 600 closed up 0.2 percent provisionally with major bourses in the region pointing in different directions. For the week, the benchmark was down by nearly 0.4 percent. Banks were the best performers 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-than-anticipated 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.

Towards the bottom of the index, Sweden's Assa Abloy slipped more than 2 percent Friday. The world's biggest lock maker posted a modest increase in third-quarter profit as expected, but sales dipped in China.

Brexit, Catalonia

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.

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Stateside, stocks were trading higher Friday as Europe markets closed after the Republicans took a step toward achieving tax reform. The U.S. Senate passed a budget proposal Thursday that allowed Republicans to move closer to eventually passing tax reform. The measure was passed with a vote of 51-49.

—Reuters contributed to this report.