European markets outlook February 28, 2011

European markets outlook February 28, 2011 : European bourses snapped a five session losing streak to finish decidedly higher Friday, as investors chose to focus on oil trading below $100 a barrel and set aside for now their concerns about continuing violence in Libya. Paced by rising shares in Paris, the Stoxx Europe 600 index closed up 1.3% to 284.12, paring losses for the week to 2.4%.

The gains were broad based, though financial stocks and miners rallied notably. U.S. markets opened higher and got an extra lift early on by solid consumer-sentiment data. European markets have had a rough week, as investors have gotten increasingly spooked by the continued unrest in the Mideast and North Africa.

Most recently, Libya has been in the spotlight, as the oil-producing country teeters on the brink of civil war. Europe buys more than 85% of its oil from the country, which has been ruled by Col. Moammar Gadhafi for more than 40 years. As Gadhafi's grip on power has loosened and rebels have stepped up efforts to oust him, crude operations have been disrupted, leading to a 2 1/2-year high in oil prices early last week. For the latest updates PRESS CTR + D or visit Stock Market news Today

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