LONDON -- It was an erratic week for the markets of Europe. Starting with optimism from the G20 summit, the mood soon turned sour as it looked like France and Germany would be at odds over the eurozone's debt strategy at the two-day talks scheduled for Thursday and Friday. But the week ended brighter after a compromise was reached that saw plans raised for the creation of a new supervisory body to keep an eye on Europe's banks.
In London, the FTSE 100
Fears receding that Germany would be stuck with the debts of much of Europe helped the DAX
In Spain, the IBEX 35
Perhaps all's jolly in Europe and the crisis is over now. Or perhaps not.
FTSE 100 banks were in the news for their own reasons, with Barclays losing 17% to fall to 166 pence. The reason? It's just been hit with a 290 million pound fine for its part in fixing the interbank Libor rate. Other banks are also being investigated.
Royal Bank of Scotland lost 14% on the week, falling to 208 pence, after a calamitous technical problem left many of its NatWest and Ulster Bank customers without access to their money.
There weren't many big FTSE 100 risers, but building materials producer CRH put on 11% to 1,220 pence, gas supplier BG Group gained 6.7% to 1,300 pence, and educational publisher Pearson rose 5.3% to 1,268 pence.
Germany and France
Winners on the DAX included agricultural products supplier K+S, which saw its price gain 12% to 36 euros, and chemical and pharmaceuticals company Bayer, which enjoyed a 7.4% rise to 56.78 euros.
There weren't many fallers on the DAX, but semiconductor maker Infineon Technologies did lose 14% to 5.33 euros, after reporting a poor third quarter, and Commerzbank dropped 4.4% to 1.34 euros.
In France, steel maker Vallourec had a good week, ending 12.5% up on 32.17 euros, European Aeronautic Defence and Space Company (better known as EADS) gained 8.6% to 27.94 euros, and project management and engineering consultant Technip rose 7% to 81.95 euros.
The very few fallers included STMicroelectronics, down 2.4% to 4.32 euros, and Publicis Groupe, down 2.4% to 36.05 euros.
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