European shares were higher despite a retreat in surging energy prices
European shares were slightly higher on Friday despite a sharp decline in oil prices. The pan-European Stoxx 600 gained 0.2%, adding to a total of 3.4% in weekly gains. Among the index’s major sectors, energy, auto and mining shares led the decliners. The UK’s FTSE 100 and France’s CAC 40 both ended marginally higher with less than 0.1% in gains, while the German DAX 30 added 0.13%. Athens’ stock exchange stood out with a 1.3% decline, likely the result of renewed concerns over the country’s debt repayment plans.
Oil prices extended losses on Friday as investors cashed-in on recent gains. Furthermore, the recent rise above the psychologically significant $50 price-point has created concerns that oil producers would up increase production. The strong dollar also weighed down on oil after Federal Reserve Chair Janet Yellen stated that a U.S. interest rate hike in the coming months is appropriate.
U.S. markets will be closed today for the Memorial Day holiday. German inflation data will be released later in the session, followed by Japanese and German unemployment data on Tuesday. This week’s central data release is Friday’s U.S. nonfarm payrolls. Considering recent statements from the Fed, this data release will be in high focus. For the most important binary options news, stay updated with OptionsClick, the top binary options trading broker.
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