European and Asian markets spiked higher Friday after hefty day-earlier gains on Wall Street as investors bought up heavily sold-off stocks ahead of key US economic data later. The FTSE 100 index of leading British shares was up 146.04 points, or 3.5 percent, at 4,315.25, with mining and energy stocks, like Royal Dutch Shell and Anglo American PLC leading the charge higher, up 6 percent and 9 percent respectively. Germany's DAX rallied 163.52 points, or 3.5 percent, to 4,813.04, with shares in Continental AG up 33 percent. The pan-European FTSEurofirst 300 index ended 0.8 percent higher at 859.58 points, off a day's high of 879.19. Meanwhile, the CAC-40 in France was 85.85 points, or 2.6 percent, higher at 3,355.30, with energy stocks like Total SA. The gains in Europe follow strong gains in Asia where Japan's benchmark Nikkei 225 stock average rose 223.75 points, or 2.7 percent, to 8,462.39, and Hong Kong's Hang Seng advanced 321.31, or 2.4 percent, to 13,542.66. Meanwhile, US stocks and crude oil fell on Friday as data showing much of Europe in recession, along with a record drop in US retail sales in October, prompted risk aversion amid a deteriorating global economic outlook. Gold futures surged more than 5 percent in heavy buying. The Dow Jones industrial average slid 337.15 points, or 3.82 percent, at 8,498.10, the Standard & Poor's 500 Index fell 37.98 points, or 4.17 percent, at 873.31. The Nasdaq Composite Index lost 79.85 points, or 5.00 percent, at 1,516.85. For the week, the Dow fell 5 percent, the S&P 500 shed 6.2 percent and the Nasdaq lost 7.9 percent. European shares managed to close higher. Arab stocks pummelled The global financial crisis continued to pummel the Arab Gulf markets this week, prompting an unprecedented and controversial court order that closed down the Kuwaiti bourse after an investor sued government and finance officials for compensation for his heavy losses. The seven markets of the Gulf states closed on Thursday, the last day of the trading week in most of these countries, with a total loss in excess of $100 billion in share values in just one week, to about $650 billion, or 42 percent down from $1.116 trillion last year. Arab stock markets suffered heavy losses this week as gloom engulfed the region amid fears of a global recession. Thursday's suspension of trading on the Kuwait stock exchange appeared to send a negative message to other markets in the region, financial analysts said Friday. The ruling by the Kuwait administrative court to suspend trading until Monday has drawn conflicting reactions inside and outside the oil-rich emirate. While small investors considered the ruling a “positive move” on the ground it may stop the bleeding of their finances, others warned against the negative impact on the already deteriorating confidence of investors. Kuwait's KSE all-share price index plunged 10.2 percent this week before it was closed at mid-session Thursday at 8,691 points. The Tadawul All Share Index (TASI) of the Saudi stock exchange, the Arab world's largest bourse, lost a further 9.4 per cent this week, bringing its loss to more than 50 percent since the start of 2008. The benchmark of the United Arab Emirates stock exchange inf Dubai dived 24.7 percent during the week to close at 2,106, despite steps taken by the authorities to enhance liquidity. Egypt's CASE 30 index, shed 8 percent, closing at 4,823. The administrative court in Kuwait on Thursday morning ordered the Kuwait Stock Exchange (KSE) to shut down until Nov. 17 in an attempt to curb the hemorrhaging of the market. Oil seesaws Oil prices closed mixed Friday. On the New York Mercantile Exchange, light sweet crude for December delivery fell 1.20 a barrel to close at $57.04. In London, Brent North Sea crude for January rose $2.25 a barrel to settle at $54.24 on the InterContinental Exchange.
