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Equities in Europe lost ground on Friday, as energy shares extended losses in what's been a dreadful week for oil prices, while investors assessed mixed signals about the eurozone economy. Stocks remained in the red as the first, or flash, reading of growth in the eurozone's manufacturing and services sector slowed for June, although the region is undergoing its best quarter of growth in six years. Markit's flash eurozone PMI composite output index came in at 55.7 in June, a five-month low.
U.S. stocks closed mostly higher on Friday, as energy shares staged a modest rebound after a recent selloff, while technology stocks extended their advance. The Nasdaq Composite COMP, +0.46% outperformed other indexes, rising 28.56 points, or 0.5%, to 6,265.25 on Friday and booking a 1.9% gain over the week, the largest in a month. The gains on the tech-heavy index were driven by a jump in biotechnology shares earlier in the week.
Tech stocks and stabilizing commodity prices helped stocks in Asia start the week on an up note amid a lack of major data releases or other market catalysts. Stabilization in commodities is helping beaten-down Australian stocks, noted Michael McCarthy chief market strategist at CMC. The S&P/ASX 200 fell 1% last week amid weakness in commodity stocks, with Australian equities notably lagging others in the region.
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