Stock indices closed higher as oil prices increased. Oil prices rose on news that Russia, Saudi Arabia, Venezuela and Qatar plan to meet in March to discuss the freeze of the oil production.
Meanwhile, market participants eyed the economic data from the Eurozone. The European Commission released its economic sentiment index for the Eurozone on Friday. The index slid to 103.8 in February from 106.7 in January. January’s figure was revised up from 105.0.
Analysts had expected the index to decline to 104.4.
The drop was driven by a fall in confidence among consumers and in all business sectors but construction.
The industrial confidence index fell to -4.0 in February from -3.0 in January, missing expectations for a drop to -3.5.
The final consumer confidence index was down to -9.0 in February from -6.3 in January, missing expectations for a decline to -7.0.
The business climate index decreased to 0.1 in February from 0.29 in January. Analysts had expected the index to fall to 0.28.
The decline in business climate index was driven by a less favourable managers’ assessment of past production, total order books and production expectations.
Bank of England (BoE) Governor Mark Carney warned major central banks at the G20 summit on Friday that implementing negative rates was the wrong answer to the slowdown in the global economy.
“To the extent it pushes greater savings onto the global markets, global short-term equilibrium rates would fall further, pulling the global economy closer to a liquidity trap. At the global zero bound, there is no free lunch,” he said.
Indexes on the close:
Name Price Change Change %
FTSE 100 6,096.01 +83.20 +1.38 %
DAX 9,513.3 +181.82 +1.95 %
CAC 40 4,314.57 +66.12 +1.56 %
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