European stocks climbed on Friday as markets rounded out a big week for central bank policy decisions and corporate earnings.
The pan-European Stoxx 600 index was up 0.7% in early trade, with basic resources jumping 3% to lead gains as most sectors and major bourses entered positive territory.
The European blue chip index closed 1% lower on Thursday, with the U.K.’s FTSE 100 the outlier among major bourses, closing up 0.6% after the Bank of England implemented a 75 basis point hike to interest rates.
The U.S. Federal Reserve also opted for a 75 basis point hike on Wednesday as central banks around the world continue their aggressive tightening in a bid to rein in inflation.
U.S. markets retreated on Thursday amid jitters over the pace of rate hikes from the Fed. Stock futures were flat in early premarket trade Friday, as Wall Street looks ahead to the October nonfarm payrolls report for further clues on the health of the economy and the likely trajectory of monetary policy.
Shares in Asia-Pacific were mixed overnight, though Hong Kong’s Hang Seng index soared amid China reopening rumors and a report that U.S. inspections of Chinese company audits were completed more quickly than expected.
Back in Europe, investors will be looking out for final euro zone PMI (purchasing managers’ index) readings from the euro zone for indications as to the resilience of economic activity across the 19-member bloc.
Corporate earnings season is winding down, but reports before the bell on Friday came from Soc Gen Telefonica, Aker and Intesa Sanpaolo, among others.
Read More: European stocks advance to end a big week for earnings and central banks
