Most major global markets strengthened on Friday night, with European indices slightly underperforming their American counterparts amid concerns over eurozone growth.
End of quarter portfolio rebalancing was cited as a reason behind the late session rebound in the US. Tech shares were among the leading gainers on the Street.
Across the Atlantic, European equities endured their worst week in two months after an EU survey revealed a decline in regional confidence among businesses and households this month.
It was a mixed bag in commodity markets. Oil weakened further and capped its second weekly loss in a row amid confidence strategic oil refineries in Iraq’s southern region will be kept safe from militant hands.
Conversely, gold continues to find support from Yellen’s dovish comments on interest rates earlier this month, as well as a recent surge in violence in Iraq.
The greenback was weaker across the board, weighed down by the week’s sharper-than-expected downward revision to first quarter US GDP growth and expectations of a period of stability in interest rates.
Elsewhere, the euro found strength from data showing inflation in Germany – Europe’s biggest economy – climbing more than expected in June.