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BUSINESS Saturday 24 June 2017
A25

A woman walks down the staircases of a subway stop, in Milan,
Italy, Tuesday, June 20, 2017.
Associated Press
Eurozone economy

enjoyed ‘best quarter

in over 6 years’ Specialists John Parisi, left, and Charles Boeddinghaus work on the floor of the New York Stock
Exchange, Friday, June 23, 2017.
Associated Press
U.S. indexes inch higher as
LONDON (AP) — The econ- That was evident too in of-
omy of the 19-country eu- ficial French figures show-
rozone has just enjoyed its ing that the eurozone’s energy stocks claw from the hole
best quarter for more than second-largest economy
six years, according to a expanded by 0.5 percent By STAN CHOE Cabot Oil & Gas climbed S&P 500 rose 0.2 percent for
closely watched survey. in the first quarter, up from AP Business Writer 88 cents, or 3.8 percent, to the week.
Though growth eased the previous estimate of 0.4 NEW YORK (AP) — U.S. $23.74. Health care stocks climbed
slightly in June, financial percent. Hopes are high stock indexes nudged Friday’s gains, though, as the Senate unveiled its
information firm IHS Markit that growth in France, a higher Friday after energy weren’t enough to keep proposal to revamp how
said Friday that the eu- long-time laggard, will be companies clawed back energy stocks from closing Americans get medical
rozone’s second quarter even higher over the rest some of their sharp losses out their worst week in nine care. Technology compa-
overall looks like it will be of the year. The pick-up in from earlier in the week. months. They had earlier nies, meanwhile, are fore-
its strongest since the first confidence was clear in After meandering up and sunk four straight days as oil cast to report strong growth
three months of 2011. It ex- the fact that capital invest- down through the day, the dropped to its lowest price in the upcoming earnings
pects quarterly growth to ment rose pretty sharply in Standard & Poor’s 500 rose since August on expecta- season, and Oracle’s prof-
be 0.7 percent, up from the the first quarter and that it 3.80 points, or 0.2 percent, tions that the world has it report on Wednesday
previous quarter’s 0.6 per- was due to private compa- to end at 2,438.30. The more crude supplies than sailed past analysts’ ex-
cent. nies and households, not Dow Jones industrial aver- users need. Energy stocks pectations. “In terms of the
The firm said its compos- the French state. age slipped 2.53 points, or lost 2.9 percent over the overall market, what you
ite purchasing managers’ Higher French growth less than 0.1 percent, to course of the week. really worry about with oil
index, a broad gauge of should help job creation, 21,394.76, and the Nasdaq What kept broad indexes is what it does to earnings,”
economic activity across one of the key concerns composite gained 28.56, afloat for the week were said Steve Chiavarone,
the eurozone’s manufac- of the new French govern- or 0.5 percent, to 6,265.25. big gains for health care portfolio manager at Fed-
turing and services sectors, ment of President Emmanu- More than twice as many and technology stocks. The erated Investors. q
dipped to 55.7 points in el Macron. Unemployment stocks rose than fell on the
June from 56.8 the previ- in France has been falling New York Stock Exchange.
ous month. Despite the de- but remains high at 9.5 Energy stocks led the way,
cline, which was more than percent. According to IHS and those in the S&P 500
anticipated in the markets, Markit, the signs are good climbed 0.8 percent for
the index remains way for further job gains both the largest gain of the 11
above the 50 level that in France and the wider sectors that make up the
marks expansion. eurozone. Its survey found index.
“The latest reading needs that job creation in the Rising prices for oil and nat-
to be looked at in the con- eurozone remained at a ural gas drove the gains.
text of recent elevated lev- near decade-high as order Benchmark U.S. crude
els,” said Chris Williamson, books and business confi- added 27 cents to settle
IHS Markit’s chief business dence were strong. Euro- at $43.01 per barrel. Brent
economist. zone unemployment has crude, the international
The survey, which informs been steadily falling and in standard, gained 32 cents
the regular policy discus- April was at an eight-year to $45.54 and natural gas
sions at the European Cen- low of 9.3 percent. rose 4 cents, or 1.2 per-
tral Bank, is the latest in a “Factory jobs growth re- cent, to $2.93 per 1,000 cu-
long line of evidence show- mained particularly buoy- bic feet.
ing that the eurozone has ant, thanks in part to pro- EQT, a producer of natural
moved up the gears over duction requirements surg- gas and crude, had the
the past few months, amid ing higher on the back of day’s biggest gain in the
growing confidence about rising exports,” Williamson S&P 500 and jumped $4.16,
the future. said.q or 8 percent, to $56.19.