European stocks closed higher on Friday, following global sentiment as investors focus on the outlook for growth and inflation amid advances in Covid-19 vaccine rollouts.
The pan-European Stoxx 600 ended up 0.91%, having earlier touched a one-week high. Mining stocks jumped more than 4% to lead gains, as all sectors and major bourses held in positive territory.
European markets received a positive handover from Asia-Pacific, where shares broadly rose during Friday’s trade, led by mainland China and Japan.
Focus is also attuned to oil prices, which rebounded overnight amid concerns that a massive container ship blocking the Suez Canal may take weeks to free up, squeezing global supply. Brent crude was changing hands at a fraction over $63 per barrel on Friday afternoon in Europe.
The spike in infections has kept stocks on the back foot for much of the week, but hopes of a stimulus-driven economic rebound in the U.S. have offered a boost to the global growth outlook.
On the data front, U.K. retail sales partly recovered in February, with sales volumes increasing by 2.1% month-on-month, in line with economist expectations.
Germany’s Ifo Institute business climate index rose to 96.6 in March from 92.7 in February, outstripping analyst expectations to show sentiment at its highest level in almost two years.
Reference: CNBC
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