Investing.com - European stocks opened sharply higher on Friday, as a rebound in oil prices boosted global equity markets.
During European morning trade, the EURO STOXX 50 surged 2.18%, France’s CAC 40 jumped 1.93%, while Germany’s DAX 30 rallied 2.14%.
Oil prices rose back above $33 a barrel overnight, following reports Saudi Arabia, Qatar, Venezuela and Russia will meet in March to discuss capping crude oil production.
European equities also remained supported after data on Thursday showing that the euro zone’s consumer price inflation rose by 0.3% last month, down from a preliminary estimate of 0.4%, added to expectations for futher easing measures by the European Central Bank next month.
Financial stocks were broadly higher, as BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) surged 1.65% and 2.25%, while Germany’s Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) jumped 1.12% and 1.53%.
Among peripheral lenders, Italy’s Unicredit (MI:CRDI) and Intesa Sanpaolo (MI:ISP) rallied 1.31% and 2.07% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) gained 1.34% and 1.48%.
On the downside, Telefonica (MC:TEF) tumbled 1.05% after the Spanish company reported a fourth-quarter net loss of €1.83 billion, compared to a net profit of €303 million a year earlier.
The telecoms company added however that it expects revenue growth of more than 4% this year.
In London, commodity-heavy FTSE 100 rallied 1.20%, boosted by a surge in mining stocks.
Shares in Bhp Billiton (L:BLT) climbed 2.37% and Rio Tinto (L:RIO) jumped 2.55%, while rivals Anglo American (L:AAL) and Glencore (L:GLEN) surged 2.82% and 3.24% respectively.
Financial stocks were also mostly higher, as Barclays (L:BARC) gained 0.70% and HSBC Holdings (L:HSBA) advanced 1.76%, while Lloyds Banking (L:LLOY) climbed 1.66%.
The Royal Bank of Scotland (L:RBS) underperformed, with shares plunging 6.84% after the lender reported a full-year loss of £1.97 billion, compared to £3.47 billion the year before.
Meanwhile, International Airlines Group (L:ICAG) lost 1.43% even after posting a 65% jump in annual operating profit, exceeding analysts’ estimates.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.43% gain, S&P 500 futures a 0.43% increase, while the Nasdaq 100 futures indicated a 0.74% climb.