European Stocks Close Higher

European stocks closed higher on Friday, supported by a surge in shares of HSBC and energy companies that followed a rebound in oil prices. However, the market recorded its second weekly loss after a week that saw multiple meetings from major central banks and the announcement of earnings from major companies. The Stoxx 600 index of European stocks rose by 1.1%, with the oil and gas sector leading the gainers, climbing by 2.7% following the increase in crude prices. Nevertheless, the decline in oil prices for most of the week resulted in energy stocks posting their worst performance in seven weeks, and the Stoxx benchmark index fell by 0.3% on a weekly basis, marking its second consecutive weekly decline, although it fared better than the S&P 500 index, which lost 1.2%. HSBC shares rose by 2.7%, bolstering the main index, after the bank successfully navigated an attempt to split and separate its profitable Asian operations during its annual investor meeting in Birmingham, England, although it still faces a rebellion concerning its board and the salaries of its senior executives.