EUROPE MARKETS: European Stocks Snap Win Streak; DAX Logs First Weekly Loss In 2 Months

By Carla Mozee, MarketWatch

Novo Nordisk rallies

LONDON (MarketWatch)--European stocks finished higher Friday, but the region's key benchmark saw its lengthy string of weekly wins come to an end.

The Stoxx Europe 600 rose 0.3% to 395.54, with financial and industrial shares losing ground. The basic resources and energy sectors also lost ground as most commodity prices fell. But prices for most commodities were set for weekly gains, including a 7% jump in oil futures (http://www.marketwatch.com/story/crude-oil-prices-fall-as-yemen-conflict-escalates-2015-03-27).

Standing out on Friday were shares of Novo Nordisk A/S , leaping 10% after the Danish pharmaceutical company said it would resubmit applications for its Tresiba and Ryzodeg insulin treatments to the U.S. Food and Drug Administration.

"Because the company's medium-term growth projections depend on U.S. Tresiba [sales] this is a positive for sentiment," analysts at Barclays said in a Friday note.

But the Stoxx 600 still fell 2.1% loss for the week, coming after seven weeks of gains. The last run of eight weekly wins ended in June 2014.

After a sparkling run of 10 consecutive weeks of gains, Germany's DAX 30 ended this week down 1.4%. On Friday, the DAX picked up 0.2% at 11,868.33, aided by a 2.7% rise for Adidas AG .The German index has hit 26 record-closing highs this year, according to FactSet, with the last one at 12,167.72.

This week marked "another week of chunky inflows to EU funds," clocking in at $5.4 billion (http://www.marketwatch.com/story/investors-flee-us-stock-funds-at-a-rate-last-seen-in-2009-2015-03-27), said Bank of America-Merrill Lynch on Friday. But the analysts also noted that in 2013 "euphoric inflows to Japanese equity funds peaked" eight weeks after the Bank of Japan unveiled its quantitative easing program (http://www.marketwatch.com/story/bank-of-japan-delivers-big-easing-2013-04-04) and that a "similar trend" in Europe implies flows are peaking.

European equities this year have been hitting record and multiyear highs, but they came under notable pressure this week, in part as the euro (EURUSD) regained ground against the U.S. dollar. A lower euro has been a benefit for European exporters. On Friday, the euro was buying $1.0918 compared with $1.0886 late Thursday.

In Paris, the CAC 40 on Friday rose 0.6% to 5,034.06, while Spain's IBEX 35 rose 0.2% to 11,427.40. Read: Don't miss this 'gem' in Europe's stock market, says Barclays (http://www.marketwatch.com/story/dont-miss-this-gem-in-europes-stock-market-says-barclays-2015-03-26)

The U.K.'s FTSE 100 (http://www.marketwatch.com/story/ftse-100-faces-weekly-loss-as-miners-lead-a-decline-2015-03-27) fell 0.6% to 6,855.02, weighed by losses among mining and energy shares. The pound (GBPUSD) traded above $1.49 after Bank of England Governor Mark Carney reiterated his view that the next move in U.K. interest rates would be higher.

Greece's Athex Composite ended a seesaw session higher, rising 0.5% to 768.67. Greece on Friday was set to submit (http://www.marketwatch.com/story/greece-to-submit-reform-proposal-later-friday-report-2015-03-27) a list of economic reforms to its creditors, with the move aimed at securing more funding for the debt-troubled country.

Subscribe to WSJ: http://online.wsj.com?mod=djnwires