European Shares Stabilize After a Rally

European shares were little changed on Friday after climbing to the highest level in previous sessions, and the impact of losses in energy and materials stocks overshadowed the dispelling of concerns about monetary tightening around the world.

The pan-European Stoxx 600 index rose 0.05 percent, rising for the seventh consecutive session.

The European basic materials sector index fell 0.2 percent on concerns about Chinese regulations related to coking coal, while oil shares fell 0.9 percent.

The Stoxx 600 index recorded new highs in the past four sessions, supported by strong corporate earnings, while major central banks around the world refrained from taking sudden steps regarding raising interest rates. The index is heading towards recording an increase of about 1.6 percent this week, achieving gains for the fifth consecutive week.