Trump complains about German car sales in the U.S., Der Spiegel reports
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European stocks finished lower Friday, leaving the regional benchmark with a tiny weekly loss, with oil and gas shares pushed down on disappointment stemming from OPEC's agreement to extend production cuts.
The Stoxx Europe 600 ended 0.2% lower at 391.35, led by the energy and financial sectors. But telecom, industrial and consumer-related shares logged modest gains.
The Stoxx Europe 600 Oil & Gas Index slumped 1.1%, under pressure after oil prices sank Thursday and were volatile Friday. The selloff came as the Organization of the Petroleum Exporting Countries and non-OPEC members didn't include deeper crude-output cuts as part of a renewed agreement (http://www.marketwatch.com/story/opec-says-it-will-extend-production-cuts-through-march-2018-2017-05-25) to cap production through March 2018. Output will remain at 1.8 million barrels a day.
Among oil-services companies, shares of Subsea 7 SA (SUBC.OS) fell 2.4%, TechnipFMC PLC (FTI.FR) closed down 0.8% and SBM Offshore NV (SBMO.AE) moved 0.7% lower.
Among oil producers, OMV AG dropped 2.7%, Statoil ASA (STL.OS) was drawn down 2% and France's Total SA (TOT) gave up 0.6%.
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"OPEC fell short of providing an upside surprise factor beyond what was already priced in," said Helima Croft, head of commodity strategy at RBC Capital Markets, in a Thursday note.
Read:16 energy stocks that company executives love, regardless of what OPEC does (http://www.marketwatch.com/story/16-energy-stocks-that-company-executives-love-regardless-of-what-opec-does-2017-05-25)
The oil sector pared deeper declines, helping the Stoxx Europe 600 record just a fractional loss for the week.
Stock movers: On the German DAX 30, shares of auto makers fell after a Der Spiegel newspaper report (http://www.marketwatch.com/story/trump-reportedly-suggested-limiting-german-car-sales-2017-05-25) that U.S. President Donald Trump complained to European officials about Germany's exports. Trump reportedly said the Germans sell "millions" of cars in the U.S., and "we'll stop that."
Shares of BMW AG (BMW.XE) fell 1.1%. Daimler AG (DAI.XE) and Volkswagen AG (VOW.XE) each gave up 0.6%.
Petrofac Ltd. (PFC.LN) tumbled 9.7, extending its 30% plunge on Thursday after the oil services company said it suspended Chief Operating Officer Marwan Chedid until further notice (http://www.marketwatch.com/story/petrofac-suspends-coo-as-uk-conducts-probe-2017-05-25). The company is under U.K. investigation on suspicion of bribery, corruption and money laundering. Petrofac said it's cooperating with authorities.
Spirax-Sarco Engineering PLC (SPX.LN) jumped 8.5% after the steam-system engineering company said it's buying Chromalox Inc. in a $415 million deal (http://www.marketwatch.com/story/spirax-sarco-buys-chromalox-for-415-million-2017-05-26).
Indexes: Germany's DAX ended lower by 0.2% at 12,602.18. France's CAC 40 index pared its decline, closing down less than 1 point at 5,226.58 and Italy's FTSE MIB fell 0.4% to 21,210.57.
But the U.K.'s FTSE 100 rose 0.4% for its highest close, at 7,547.63. That move came as the pound fell below $1.28 following a poll that showed the Conservative Party's lead over the Labour Party continued to shrink before the U.K.'s June 8 general election.
Meanwhile, the euro bought $1.1172, down from $1.1217 late Thursday in New York.
(END) Dow Jones Newswires
May 26, 2017 12:58 ET (16:58 GMT)