European Stocks Bounce Back as Oil Prices Retreat

European stocks ended their three-week losing streak on Friday, with the Stoxx 600 index rising 0.4% as oil prices retreated. The sector has now gained 0.5% for the week, its strongest performance since early August.

The pullback in crude prices provided relief to rate-sensitive and energy-dependent sectors. Energy producers, however, bore the brunt of the decline, with the sector falling 1.3%.

Banks delivered the biggest boost to the broader market, advancing 1.3%. UBS was a standout, jumping 3.5%, after a report indicated the Swiss lender had revived internal discussions about relocating its headquarters out of Switzerland.

The European Central Bank's decision to keep policy tight has put pressure on euro zone government bonds. Yields have risen for a seventh consecutive week, with Germany's 10-year yield hitting its highest level since June 2009.