Europe shares close higher to post longest weekly winning streak in 3 years

Key Points
  • The pan-European index completed its seventh straight week of gains — the longest on record since March 2015.
  • ArcelorMittal rose above 2 percent after its latest earnings report.
  • Mario Draghi calls for enhanced fiscal powers for Brussels.

European markets finished the week higher on average to secure the longest weekly winning streak in three years.

The pan-European Stoxx 600 ended Friday 0.38 percent higher with the different sectors moving in opposite directions.

Basic resources led the gains, up by 1.7 percent, on earnings. The world's largest steelmaker ArcelorMittal jumped 2.3 percent after beating first-quarter expectations.

Looking at individual stocks, Sika shares finished up by 8.33 percent, putting among the top-performing companies across Europe. This was after news that the autos parts company struck an agreement with Saint-Gobain to end a legal dispute.

Shares of Daily Mail General Group have traded higher Friday, closing up by 1.34 percent. Its shares jumped following news that property portal Zoopla had agreed to be bought by Silver Lake. The Daily Mail has a large stake in the U.K. property firm. The deal has also driven higher the shares of other U.K. property firms, including Rightmove, which jumped 3.8 percent.

Meanwhile, oil prices have come off slightly after consecutive increases. By evening trade in Europe, Brent hovered at around $77.25 per barrel, while U.S. crude sat around the $71.01 mark.

European Central Bank President Mario Draghi addressed an audience in Florence, Italy, in the early afternoon. Markets remained unmoved by his call to increase fiscal powers for the euro zone.

Mario Draghi, President of the European Central Bank (ECB) addresses a press conference following the meeting of the ECB's Governing Council in Frankfurt am Main, western Germany, on January 25, 2018.
Daniel Roland | AFP | Getty Images

In the United States, equities rose slightly Friday, as Wall Street looked to book a week of solid gains led by energy stocks.