Companies worldwide have announced $1.67 trillion of mergers and acquisitions so far this year.

LONDON FTSE 100 5692.1 Up 1.6% on week UK energy stocks gained on Friday, led by BP after Deutsche Bank raised its estimate for the company's share price. Banking stocks including Barclays declined on concern rising interest rates will erode investments and profit growth. Associated British Ports Holdings jumped after Goldman Sachs increased its bid for the biggest UK port operator by 8.3% to £2.8bn. BP gained 2% to 617p.

Royal Dutch Shell climbed 1.4% to 1753p. The two companies account for 13% of the FTSE by market value.

Deutsche Bank analysts increased their share price estimate for BP to 800p from 750p, and raised Shell to 'buy' from 'hold'.

EUROPE EuroStoxx 50 3306.57 Up 1.7% on week European stocks rose for the first week in four as company merger and acquisitions and optimism about earnings outweighed concern that higher interest rates worldwide will stem economic growth. Siemens paced a gain by industrial stocks after Europe's largest engineering company and Nokia unveiled a telecom-equipment venture.

NEW YORK DOW 10989.08, down 0.1% NASDAQ 2121.47, down 0.1% S&P 500 1244.51, down 0.4% Indexes bounced between gains and losses as investors interpreted the con"icting aspects of the durable goods data. Stocks have dropped since reaching "ve-year highs in May on concern higher borrowing costs are hurting the economy. Citigroup slumped 18c to $47.99. Wells Fargo slipped 95c to $65.46.