European markets rallied on Friday despite a mix of concerns.
European stocks markets ended last week with a second consecutive weekly gain. Investors resumed activity after a mid-week selloff, initiated by concerns over a Brexit and a U.S. interest rate hike. The pan-European STOXX 600 rose sharply on Friday, recovering the previous day’s steep losses. The index closed its strongest day in a month with a 1.23% gain, supported by the energy, financial and basic materials sectors. Over the week, the STOXX Europe 600 added 1%.
Crude oil gained more than 4% last week, settling at $47.75 a barrel by the end of Friday’s session. Energy prices correlated with news of supply disruptions last week, including the wildfire in Canada’s oil-producing region and the internal conflicts in Nigeria and Libya. Gold posted its worst weekly performance in two months as a rising dollar limited the previous metal’s appeal. Spot gold ended last week 1.6% lower at $1,252.1 an ounce.
This week’s major economic data releases begin with German manufacturing PMI today and German GDP and economic sentiment tomorrow. U.S. housing data will be released on Tuesday and U.S. oil supplies data will be available on Wednesday. UK GDP data will be published on Thursday, followed by U.S. durable goods later in the day. The week will conclude with U.S. GDP and comments from the Federal Reserve’s Janet Yellen on Friday. For the most important binary options news, stay updated with OptionsClick, the top binary options trading broker.