European stocks are on a charge on Friday, fighting back from Thursday when most indexes lost more than 1%.
Around 11.35 a.m. BST (6.35 a.m. ET) all of the continent’s major indexes are significantly higher, with all but one more than 1% in positive territory, as investors react to better than expected inflation data coming out of China, and await earnings from three major US banks later on Friday, boosting financial stocks.
Energy and commodity firms are taking a leg up thanks to a rise in the price of oil on the day.
As it stands, Germany’s DAX is up just less than 1.7%, boosted by energy companies, and banking stocks. Deutsche Bank has gained almost 3.3% on the day, while Commerzbank is 2.8% higher, boosted by expectations of what JP Morgan, Citi, and Wells Fargo will report later in the day.
Here’s how the DAX looks like late in the European morning:
Britain’s FTSE 100 is the only major European share index to gain less than 1% so far on Friday, but is still up nearly 0.9% and has passed back above the psychologically important 7,000 point mark.
Here’s how the FTSE as a whole looks:
Commenting on the market moves, Henry Croft of Accendo Markets said in an emailed statement earlier:
“Equities are positive this morning with Chinese macroeconomic data yet again the focal point for markets as yesterday’s weak export data has given way to positive inflation figures. European financials are very much in the driving seat, pricing in the impact of Q3 earnings releases from US heavyweights Citi, JP Morgan and Wells Fargo in the coming hours. The USD is reversing early morning gains from GBP after weak UK construction output data as the buck surges against the Euro. Oil continues to make gains this morning amid a surprising lack of OPEC/Russian production deal-related rhetoric that has pounded the market over the last week.”
Stocks across the continent are following the lead of the DAX on the day. Here’s the scoreboard:
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