Investing.com - European stocks opened higher on Friday, following news of fresh bailout funds for Greece and as investors were eyeing Sunday’s last round of the French parliamentary elections.
During European morning trade, the EURO STOXX 50 advanced 0.40%, France’s CAC 40 climbed 0.76%, while Germany’s DAX 30 gained 0.36%.
European equities strengthened after the International Monetary Fund and the euro zone's 19 finance ministers backed a payout of €8.5 billion to Greece in order to a default in July and avert another debt crisis.
However, the IMF said it will not disburse the money until the euro zone details debt relief measures, which are not expected until next year.
Meanwhile, French President Emmanuel Macron is set to win a massive majority in the second round of the parliamentary election this Sunday, according to the latest opinion polls.
Financial stocks were broadly higher, as French lenders Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP) gained 0.73% and 0.92%, while Germany’s Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) advanced 0.30% and 0.84%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) rose 0.23% and 0.63% respectively, while Spanish banks Banco Santander (MC:SAN) and BBVA (MC:BBVA) climbed 0.49% and 0.53%.
Nestle SA (SIX:NESN) added to gains, with shares rallying 1.05% amid reports the company is assessing a possible sale of its $900 million-a-year U.S. business to boost its portfolio.
In London, FTSE 100 gained 0.34%, helped by Tesco (LON:TSCO), whose shares advanced 0.97% after saying first-quarter sales growth beat analysts’ expectations.
Financial stocks were also broadly higher, as HSBC Holdings (LON:HSBA) inched up 0.06% and Lloyds Banking (LON:LLOY) added 0.16%, while Barclays (LON:BARC) climbed 0.49% and the Royal Bank of Scotland (LON:RBS) jumped 0.99%.
In the mining sector, stocks were on the upside. Shares in Glencore (LON:GLEN) eased up 0.06% and Rio Tinto (LON:RIO) gained 0.41%, while rival company BHP Billiton (LON:BLT) advanced 0.48%.
Meanwhile, BT Group (LON:BT) was one of the worst performers on the index, as shares tumbled 1.23% after ananlysts at Deutsche Bank reissued their sell rating on the stock.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.17% gain, S&P 500 futures showed a 0.12% rise, while the Nasdaq 100 futures indicated a 0.24% increase.