In Europe on Tuesday, the FTSE Eurofirst 300 came back from early losses but still ended the session 0.3 percent lower to 1,425.35. The 300 was down 0.6 percent at one point on the session.

The pharmaceuticals sector was lower. Roche dropped 1.5 percent to SFr215.50 even though Bear Stears made positive comments, reaffirming its “outperform” rating and target share price of SFr280 for the Swiss drug maker. Meanwhile, Akzo Nobel was 1.7 percent lower to €41.86 after announcing that US drug company Pfizer had dropped out of a development deal with the Dutch group.

Utilities were lower as well. Finnish utility Fortum dropped 1.4 percent to €22.44 after it abandoned plans to raise electricity rates for its domestic non-commercial customers. Iberdrola issued an expected bid for Scottish Power but the offer was lower than expected, sending its shares 2.1 percent lower to €32.06. German utility RWE, up recently on bids rumors, fell 2.6 percent to €83.80.

The automobile manufacturing sector was mixed as the euro hit its highest level in almost two years in relation to the US dollar. Volkswagen and Porsche were both higher, with Porsche adding 0.3 percent to €854.55 and VW gaining 2.5 percent to €82 on rumors that Porsche was building more of a stake in VW. On the other hand, BMW and Renault each dropped 0.3 percent, to €41.72 and €91.25 respectively, while DaimlerChrysler was 0.7 percent lower to €43.96.

In Europe on Thursday, the FTSE Eurofirst 300 was down by 0.6 percent to 1,383.20 as the day’s trading session closed. The oil and utilities sectors were down on lower oil prices, and the oil and mining sectors were affected by the news that China had raised interest rates unexpectedly. On the other hand, the insurance sector saw gains on the day.

UBS issued comments on several insurers and reinsurers, helping them higher. Axa received an upgrade from “neutral” to “buy, which helped it add 1.4 percent to €29.35. The recommendation on Allianz was raised from “reduce” to “neutral” and it gained 1.2 percent to €134.11. Among reinsurers, UBS reiterated its “buy” recommendations on Swiss Re and Hannover Re, and they each added 0.6 percent to SFr91.45 and €29.70 respectively. Munich Re retained its “neutral” rating and was up 1.2 percent to €113.85. Outside of the round of recommendations, Italian insurer Alleanza was up 2.8 percent to €9.757 on the news that a plan is in the works to return over €1 in excess cash to its shareholders.

Among oil companies, Statoil was down 3.1 percent to NKr203, while Neste Oil dropped 2.7 percent to €27.49 and Total declined by 1.2 percent to €222.20.

In the utilities sector, Finnish company Fortum was worst off, dropping 8.5 percent to €19.60, while Electricite de France lost 4.2 percent to €46.55, RWE was down 2.6 percent to €69.60, and Eon declined by 1.3 percent to €95.95.

Results were mixed in the chemicals sector. Bayer reported an 8.2 percent advance in operating earnings in the first quarter, adding 3.5 percent to €36.75 on the day. BASF, however, dropped 1.1 percent to €68.28.

In Europe this week, the FTSE Eurofirst 300 was up 2 percent to 1,397.07. This four and a half year high came even though crude oil prices were up into record territory.

Finnish utility Fortum was the week’s biggest gainer, ahead of a first-quarter report, due next Tuesday, which is expected to show earnings up by 20 percent. Most of the gains came on increased prices for electricity. Fortum added 12.7 percent to €23.13.

Other double-digit gainers this week included German steel maker ThyssenKrupp and Dutch chemicals group Akzo Nobel. ThyseenKrupp was up 10.2 percent during the week to €26.83 ahead of quarterly results due May 12. UBS reiterated its “buy” recommendation and increased the steel maker’s target share price from €25 to €30. Meanwhile, Akzo Nobel advanced by 10.1 percent to €47.83 on a better than expected quarterly report.

In the telecommunications sector, Nokia added 7.1 percent on the week to €18.65 on a positive earnings report. Swedish telecom Ericsson, however, lost 9.8 percent this week to SKr26.60 on a quarterly report that showed profits flat.

German utility Eon was up 7.1 percent to €97.60 after it was announced that Eon will take a stake in Gazprom’s Siberian gas field while Gazprom will take part of Eon’s Eastern European operation.

In the banking sector, French bank Societe Generale added 3.9 percent this week to €124.10 on the announcement that it will buy Splitska Bank in Croatia.