Investing.com - European stocks were mostly higher on Friday, boosted by strong corporate earnings reports and as investors eyed the release of German business climate data due later in the day.
During European morning trade, the EURO STOXX 50 gained 0.48%, France’s CAC 40 dipped 0.04%, while Germany’s DAX 30 rose 0.25%.
European equities came under pressure on Thursday after market research group Markit said that the euro zone's composite purchasing managers' index, which includes manufacturing and services activity, fell to 53.5 this month from 54.0 in March, compared to expectations for a rise to 54.4.
Investors also remained cautious as the Greek government was no closer to reaching an agreement with its euro zone partners and the International Monetary Fund over economic reforms required to access remaining bailout funds, fuelling fears that the country could be forced out of the euro zone.
Financial stocks were broadly higher, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) gained 0.45% and 0.71%, while Germany's Commerzbank (XETRA:CBKG) rose 0.33%.
Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) rallied 1.04% and 1.05% respectively, while Spanish banks BBVA (MADRID:BBVA) and Banco Santander (MADRID:SAN) advanced 0.49% and 1%.
Elsewhere, Renault (PARIS:RENA) saw shares surge 4.17% after the French autmaker said quarterly sales climbed 14%.
Suez Environnement (PARIS:SEVI) Co. added to gains, with shares up 1.40% after Europe’s second-largest water company reported a 16% rise in first-quarter profit.
In London, commodity-heavy FTSE 100 rose 0.33%, boosted by sharp gains in the mining sector.
Shares in Glencore Xstrata (LONDON:GLEN) advanced 0.73% and Rio Tinto (LONDON:RIO) climbed 0.85%, while rivals Anglo American (LONDON:AAL) and Bhp Billiton (LONDON:BLT) jumped 1.46% and 1.50% respectively.
Also on the upside, Reckitt Benckiser Group Plc (LONDON:RB) gained 0.83% after the maker of Dettol handwash reported first-quarter revenue growth that exceeded analysts' estimates.
Meanwhile, financial stocks were broadly higher. Barclays (LONDON:BARC) saw shares climb 0.68% and HSBC Holdings (LONDON:HSBA) jumped 1%, while the Royal Bank of Scotland (LONDON:RBS) rallied 1.23%. Lloyds Banking (LONDON:LLOY) underperformed however, easing 0.09%.
In the U.S., equity markets pointed to a mixed open. The Dow Jones Industrial Average futures pointed to a 0.01% uptick, S&P 500 futures signaled a 0.02% dip, while the Nasdaq 100 futures indicated a 0.45% increase.
Later in the day, the Ifo Institute is to report on German business climate, while the U.S. was to produce data on durable goods orders.