European stocks had their first weekly gain since May after US banks including Citigroup Inc reported earnings that beat estimates and a more than 10 percent decline in oil prices boosted automakers and travel companies.

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The US dollar held firm on Friday amid news that US banking giant Citigroup, hard-hit by a sharp downturn in the US housing market, posted a smaller than expected quarterly loss.

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The price of oil recorded its biggest weekly drop ever and a gallon of gas finally pulled back from its record high.

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ACID TEST: Analysts are set to scrutinize quarterly reports from big financial firms this week for signs that they can still turn a profit in a tough market
A newly revived Wall Street faces a fresh test of momentum in the coming week with a wave of corporate results that may indicate whether the latest rebound is for real.

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REGIONAL ROUNDUP: The TAIEX is expected to extend gains in the week ahead after dropping almost 6 percent this week on bad news from US financial giants
Asian stocks declined for the fifth week in six, driving the benchmark index to the lowest level since October 2006, on concern the weakening global economy will erode profits.

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