Investing.com - European stocks moved higher on Friday, as comments by European Central Bank President Mario Draghi continued to support and investors eyed the highly anticipated U.S. nonfarm payrolls report due later in the day.
During European morning trade, the EURO STOXX 50 climbed 0.53%, France’s CAC 40 rose 0.32%, while Germany’s DAX 30 gained 0.40%.
ECB President Draghi struck a more upbeat tone on the outlook for the recovery in the euro zone on Thursday, while reiterating that the present monetary policy stance remains appropriate.
The comments came after the ECB kept interest rates unchanged at the outcome of its meeting earlier and reiterated they can be cut again in the future if necessary.
Investors were looking ahead to Friday’s government employment report for February, where a strong reading would cement expectations for a rate hike from the Federal Reserve next week.
Financial stocks were broadly higher, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) advanced 0.89% and 0.92%, while Germany’s Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) surged 1.46% and 2.15%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) jumped 1.67% and 2.17% respectively, while Spanish banks Banco Santander (MC:SAN) and BBVA (MC:BBVA) gained 0.44% and 0.49%.
Elsewhere, Allianz (DE:ALVG) SE climbed 0.55% after the German insurer unveiled a reshuffle of senior executives and board members on Thursday evening, saying that chief financial officer Dieter Wemmer will step down, while former chief executive Michael Diekmann will return as chairman.
On the downside, Linde AG (DE:LING) saw shares decline 0.75% after the German industrial gases group CEO said merger talks with U.S. rival Praxair (NYSE:PX) are moving constructively but that workers must still be persuaded of the benefits of the planned $65 billion deal.
In London, FTSE 100 rose 0.32%, led by BT Group (LON:BT), whose shares surged 4.39% after the company said it will legally separate from its network division Openreach, which controls the UK's broadband infrastructure, after reaching an agreement with regulator Ofcom.
Energy-related stocks were also higher thanks to a rise in oil prices. Oil and gas major BP (LON:BP) rallied 0.99%, while rival company Royal Dutch Shell (LON:RDSa) saw shares jump 1.42%.
However, mining stocks were mixed. Glencore (LON:GLEN) shares advanced 1.24%, while Randgold Resources (LON:RRS) and Fresnillo (LON:FRES) plummeted 2.16% and 2.58% respectively.
In the financial sector, stocks were mostly lower. Shares in Lloyds Banking (LON:LLOY) fell 0.28% and HSBC Holdings (LON:HSBA) slid 0.36%, while Barclays (LON:BARC) declined 0.52%. But the Royal Bank of Scotland (LON:RBS) overperformed, with shares up 0.16%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.27% rise, S&P 500 futures showed a 0.31% gain, while the Nasdaq 100 futures indicated a 0.28% increase.