Index

By Nick Gentle and Yuji Nakamura

Europe?s benchmark equity index traded near a seven-year high and the euro fell before talks on further funding for Greece resume, while oil headed for its first weekly loss in a month as record US supplies reinforced concern over a glut. Japanese stocks extended a 15-year high.

Mixed reactions in Europe to a Greek demand for an extension to its bailout framework submitted on Thursday resulted in increased volatility in the local stock market, but buyers kept the upper hand at the end of the day.

Turkish consumers' sentiment has recovered slightly from its lowest level in four years in January, recording a slight increase of 0.5 points in February, according to official figures announced on Feb. 19.

The Athens Exchange (ATHEX) benchmark spent the entire day in the green on Wednesday as traders appear convinced a deal will be reached between Athens and its eurozone peers and refuse to give in to uncertainty, though early gains were contained over the course of trading.

Growth in stock prices and trading volume on Friday confirmed widespread optimism about a deal will be achieved now that the government has restored contacts with the troika of Greece?s international creditors.

Investors in the Greek stock market appeared to have seen enough in Wednesday?s Eurogroup meeting to convince them that an agreement between Athens and its eurozone peers on a support program is on its way, as the benchmark at Athinon Avenue soared 6.73 percent on Thursday.

Statements by the German and Dutch finance ministers regarding the prospects of Greece and its partners reaching a deal dashed expectations at the Athens bourse on Wednesday and sent the benchmark down over 4 percent. A government statement on the freezing of the port privatization tenders did not help either.

The pessimism hanging over the country?s chances of finding a way out of the economic and liquidity impasse following Monday?s Eurogroup led Greek stocks to significant losses in Monday?s session, which came ahead of the eurozone ministers? meeting, and with banks again suffering the biggest decline.

In anticipation of yet another crucial Eurogroup meeting ? this time scheduled for Monday in Brussels ? traders mostly held back on Friday, with sellers keeping the upper hand.