European shares closed lower on Friday with Italian stocks 2.5% lower on political uncertainty, while comments by U.S. President Donald Trump that he was not going to make a trade deal with China also weighed on sentiment. The pan-European Stoxx 600 is lower 0.84%. The DAX is down 1.28% while France's CAC 40 is off 1.11% and London's FTSE 100 is lower by 0.44%.
U.S. stocks closed lower Friday after President Donald Trump suggested that a near-term deal between the U.S. and China on tariffs was unlikely soon. However, equity indexes managed to claw back most of the sharp losses that commenced a turbulent five-day stretch for Wall Street. The stock markets ended this week slightly below where it started. But a lot happened from Monday through Friday. The Dow Jones Industrial Average closed 90.75 points, or 0.34%, lower at 26,287.44, with the index turning positive at one point during the session, erasing a roughly 280-point decline. The S&P 500 index slipped 19.44 points, or 0.66%, to end at 2,918.65. Meanwhile, the tech-heavy Nasdaq Composite Index declined 1.00% to 7,959.14, off 80.02 points.
Oil prices rose more than $1 abarrel on Friday, supported by a drop in European inventoriesand OPEC output cuts despite the International Energy Agencyreporting demand growth at its lowest since the financial crisisof 2008.Brent crude futures gained $1.15, or 2%, to settleat $58.53 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 1.96, or 3.73%, to settle at $54.50 abarrel.