By Carla Mozee, MarketWatch
Most European stocks rose Friday, extending gains from the
previous session when the European Central Bank's president, Mario
Draghi, underlined the bank's commitment to stimulus efforts.
The Stoxx Europe 600 tacked on 0.3% to 399.27, with health-care,
financial and consumer-services shares the best performers. Roche
Holding Ltd. was among the strongest gainers, rising 2.8% after the
Swiss drug maker showed positive results from trials related to
treating lung cancer.
Germany's DAX 30 rose 0.1% to 11,625.67, but was off session
highs. The DAX on Thursday rallied 1.8%. France's CAC 40 on Friday
tacked on 0.4% to 5,047.98.
Energy shares, however, lost ground alongside oil prices
(http://www.marketwatch.com/story/oil-prices-slips-on-dollar-strength-2015-05-15)(CLM5)
. Among shares, oil services firm Seadrill Ltd. fell 5.8% and
producer Tullow Oil PLC fell 3%. Crude futures were on track for
their ninth consecutive weekly rise.
The Stoxx Europe 600 on Thursday climbed 0.6%
(http://www.marketwatch.com/story/european-stocks-lower-as-euro-climbs-above-114-2015-05-14),
with that gain cemented after Draghi said the ECB's measures to
stimulate the eurozone economy
(http://www.marketwatch.com/story/draghi-ecb-to-keep-stimulus-as-long-as-needed-2015-05-15)
"will stay in place as long as needed for its objective to be fully
achieved on a truly sustained basis."
In March, the ECB launched an EUR1.1 trillion bond-buying
program aimed at curbing deflation risks and stimulating economic
growth.
European bond markets appeared calmer in the wake of Draghi's
comments. German bond prices were higher, edging the yield on the
10-year bund down 3 basis points to 0.68%, although it remains
higher than recent record low of 0.05%. French 10-year debt on
Friday was yielding 0.95%, down 3 basis points.
"Recent volatility in bond markets and the recent bounce in
member-state bond yields have kept risk assets on the back foot
over the past week," said Brenda Kelly, head analyst at London
Capital Group, in a Friday note.
Equities were whipped around this week as a selloff in European
bonds ramped up, pushing yields on debt to levels that were seen
before the ECB launched its bond-buying spree. Read: 4 reasons why
the bond market is going wild.
(http://www.marketwatch.com/story/4-reasons-why-the-bond-market-is-going-wild-2015-05-12)
The euro (EURUSD) was still lower after Draghi's comments,
trading at $1.1333 on Friday, compared with $1.410 late Thursday.
But the euro was still up roughly 1% against the greenback this
week, and the euro hitting a three-month high versus the dollar
"can ultimately be attributed to the contrasting fortunes of the
eurozone and the U.S. and narrowing yield spreads," said Kelly.
In London, the FTSE 100 gained 0.2% to 6,988.04. There,
SABMiller PLC shares gained 1% after the maker of Peroni and Miller
Genuine Draft said it's moving into the U.K. craft beer market by
purchasing Meantime Brewing Company. The terms of the deal for
Greenwich, London-based Meantime weren't disclosed.
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