European stocks closed higher Friday after stronger-than-expected US job growth and a drop in the unemployment rate to 4.1 percent, suggesting there is no need for a major interest rate cut until the end of the year.

The pan-European Stoxx 600 index closed 0.4 percent higher, with most stock markets in the region, including Germany and France, rising.

The banking sector led the gains, rising 1.8 percent.

The sub-index for automakers advanced 1.6 percent after the European Commission said the European Union would go ahead with higher tariffs on electric vehicles made in China, despite Germany’s objections.

Despite Friday’s gains, most European stock markets posted weekly losses, with the Stoxx index falling 1.8 percent during the week, as investors avoided risk amid rising tensions in the Middle East.

On a weekly basis, the energy sector was the best performer due to higher crude oil prices, while personal and household goods and cars were among the most declining sectors.

Source: Qatar News Agency