In Europe on Friday, the FTSE Eurofirst 300 saw losses on the day, falling by 0.1 percent to 1,183.95, but it gained 1.7 percent on the week.

Oil and construction were higher for the week, mainly in consideration of the damage caused by Hurricane Katrina in the Gulf Coast region of the United States.

Carmakers and reinsures saw losses for the week, however. The oil sector as a whole gained 4.2 percent to 1,438.33, with Finnish refiner Neste Oil up 13.3 percent to €27.90 on wider margins.

The construction sector was up 1.9 percent as it became clear that the storm-ravaged region will require extensive rebuilding after it is drained of water.

Reinsurers suffered as it became clear how much money in claims they would have to pay out to victims of Katrina. Munich Re and Swiss Re each estimated that their payouts could be in the neighborhood of $500 million. Munich Re lost 1.3 percent on the week to €90.02, while Swiss Re was down 1.4 percent on the day and lost 2.7 percent for the week to €79.85.

Zurich Financial SVS declined by 2.3 on the week to SFr215.60. Hannover Re reduced its profits estimate for the year by one-third.

Meanwhile, in the automobile manufacturing sector, high gasoline prices and a generally weaker dollar sent Porsche down 2 percent to €625.85, while DaimlerChrysler lost 3.2 percent to €40.60.