European stocks close higher as earnings power global markets; Temenos slides 13%
The pan-European Stoxx 600 closed up 0.7%, with banks adding 1.7% to lead gains while media stocks dropped 0.4%.
Oil prices were in focus after rising on Thursday when top producer Saudi Arabia dismissed requests for additional OPEC+ supply, while the International Energy Agency said spikes in natural gas prices could bolster oil demand from power generators.
Prices continued to rise on Friday, with international benchmark Brent crude last trading above $84.80 per barrel on Friday afternoon in Europe.
On the economic data front, French consumer price inflation came in at negative 0.2% month-on-month in September. On an annual basis, it was 2.7% higher. Meanwhile, French cloud computing company OVH launched on the Euronext Paris on Friday.
In terms of individual share price movement, Finnish retailer Kesko climbed 6.4% after Inderes raised the stock to “accumulate” from “reduce.”
At the bottom of the index, Swiss banking software firm Temenos tumbled more than 13% after missing third-quarter revenue expectations.
On Wall Street, U.S. stock indexes rose on Friday as better-than-expected third-quarter earnings reports set the S&P 500 on track for a winning week. Momentum continued with Goldman Sachs’ third-quarter results beat significantly on the top and bottom line.
