In European Equity Markets stocks rose on Friday, recovering some losses as well-received earnings reports boosted shares in Volvo and Ericsson, though ongoing political malaise held back Spanish equities.  The pan-European STOXX 600 was up 0.1 percent, rebounding from its lowest closing level so far in October. Spain’s benchmark IBEX was in negative territory, however, down 0.2 percent ahead of a special cabinet meeting on Saturday which could see Spain suspending Catalonia’s autonomy. Elsewhere, company results were in focus, with Swedish truck maker Volvo,  the biggest STOXX riser, up 6.8 percent and hitting a record high after beating expectations. Ericsson rose 3.4 percent after its update.

In Currency Markets the dollar rose on Friday, on track for its biggest daily gain in more than two weeks, as progress on U.S. tax reforms raised prospects of a fiscal lift to the economy, bolstering investor appetite for risk. The dollar rose to a three-month high against the Japanese yen, at 113.46 yen, and a five-month high against the Swiss franc, touching 0.9846 franc. The U.S. dollar’s rebound dragged the euro down half a percent to $1.1784 before a ECB meeting next week, where policymakers are seen cutting bond purchases but voting for an extension in stimulus. The New Zealand dollar fell to a five-month low on concerns the new Labour coalition will take a harder stance on immigration and foreign investment than the outgoing center-right government.

In Commodities Markets oil prices were flat on Friday in see-saw trade, under pressure from weak U.S. demand but drawing support from a sharp decline in Iraqi crude exports due to tensions in the Kurdistan region. U.S. light crude was 10 cents higher at $51.39. Brent crude was up 24 cents at $57.47 a barrel. U.S. commercial stocks of crude oil decreased 15 percent from their March records, to 456.5 million barrels, below levels seen last year.  Spot gold was down 0.6 percent at $1,282.33 an ounce. Silver was down 0.2 percent at $17.16 an ounce, taking its fall this week to around 1 percent. Platinum was flat at $921.20 an ounce and palladium was up 1.7 percent at $975.

In US Equity Markets  technology and bank stocks lifted Wall Street on Friday and investor optimism received a fresh boost from Washington, where the Trump administration inched a step closer to implementing tax-cut plan. The Dow was up 0.34 percent, at 23,240.82, the S&P 500 was up 0.28 percent, at 2,569.36 and the Nasdaq Composite was up  0.34 percent, at 6,627.66. PayPal’s 4.8 percent rise after upbeat earnings also lifted the tech stocks. General Electric shares fell 3.18 percent after the industrial conglomerate reported a profit miss and slashed its earnings forecast. Procter & Gamble lost 3.19 percent after the company’s sales narrowly missed estimates.

In Bond Markets U.S. Treasury yields rose on Friday, with two-year yields reaching a near nine-year high, as investors reduced bond holdings on worries about more inflation and federal borrowing after the U.S. Senate passed a budget resolution. The yield on 10-year Treasury notes reached a two-week peak of 2.374 percent. The two-year yield touched a near nine-year peak at 1.576 percent on bets for faster economic growth due to the tax-cut plan, allowing the Fed to raise interest rates further.