On Friday European stocks fluctuated, with the Stoxx Europe 600 Index heading for its second straight weekly rally, as investors speculated that company profits will overcome the sovereign-debt crisis. U.S.-index futures rose and Asian shares sank.

TomTom NV gained 4.3 percent as UBS AG recommended buying the shares of Europe’s biggest maker of portable navigation devices. Heritage Oil Plc advanced 2.6 percent after the Daily Mail reported that Malaysia’s Petroliam Nasional Bhd, also known as Petronas, may bid for the U.K.-based company. Standard Chartered Plc lost 2.7 percent after BofA Merrill Lynch Global Research cut its stance on the shares.

The Stoxx 600 added 0.1 percent during early morning trading in London, even as the measure headed for its first back-to-back weekly gain since October. The gauge has surged 8.8 percent this year as corporate profits climbed, the Federal Reserve unveiled a $600 billion bond-purchase program to assist the U.S. economy’s recovery and the European Union bailed out Greece and Ireland.

Petronas may offer 600 pence a share, although any deal will need the approval of Heritage’s Chief Executive Officer Tony Buckingham, who owns 27.9 percent of the company. Heritage explores for oil in Malta and the Kurdish north of Iraq.

Japanese stocks declined for the first time in three days after a downgrade to Ireland’s credit rating fueled concern Europe’s debt crisis will spread and as the euro weakened. Mitsui & Co., a trading house that counts commodities as its biggest source of profit, declined 1.7 percent after metal prices fell on speculation China will act to control inflation in the world’s fastest growing major economy. Komatsu Ltd., which counts China as its fastest-growing market, tumbled 2.2 percent. The Nikkei 225 Stock Average fell 0.7 percent while the Topix lost 0.4 percent.

This article was compiled by Valletta Fund Management Limited, a member of the BOV Group. Valletta Fund Management,

TG Complex, Suite 2, Level 3, Brewery Str., Mriehel BKR 3000. Freephone: 80072344. email: [email protected] Internet address: www.vfm.com.mt. Valletta Fund Management Limited is licensed by the MFSA.