European markets climb, following global sentiment higher
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.
The pan-European Stoxx 600 gained 0.6% in early trade, with basic resources adding 2.1% to lead gains as almost all sectors and major bourses entered 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.
Futures contracts tied to the major U.S. indexes are also indicating a higher open stateside on Friday after Wall Street broke its recent losing streak in the previous session on the back of a rally in cyclical areas of the market. Banks led gains after Federal Reserve Chairman Jerome Powell said lenders could resume buybacks and raise dividends starting at the end of June.
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 under $63 per barrel on Friday morning in Europe.
Back in Europe, EU leaders on Thursday voiced grievances over a shortage of contracted deliveries of the AstraZeneca vaccine as the continent faces a third wave of infections.
Incorporate news, German insurance giant Allianz is closing in on a 2.5 billion euro ($2.94 billion) deal for Aviva’s Polish unit, Reuters reported Thursday citing sources familiar with the matter.
On the data front, February’s U.K. retail sales figures are due Friday morning and Germany’s Ifo Institute publishes its business climate index for March.