ROME: European stocks opened higher on Friday, tracking their U.S. and Asian counterparts, as investors eyed a fresh batch of third-quarter earnings to be released thoughout the session.
During European morning trade, the EURO STOXX 50 advanced 0.70%, France’s CAC 40 gained 0.58%, while Germany’s DAX 30 climbed 0.70%.
Financial stocks were broadly higher, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) advanced 0.65% and 0.72%, while Germany’s Deutsche Bank (DE:DBKGn) edged up 0.14%.
Among peripheral lenders, Italy’s Unicredit (MI:CRDI) and Intesa Sanpaolo (MI:ISP) rose 0.26% and 0.94% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) gained 0.34% and 0.97%.
In earnings news, Carrefour (PA:CARR) surged 2.63% after Europe’s largest retailer reported an acceleration in third-quarter sales thanks to strength in southern Europe.
French drink maker Remy Cointreau (PA:RCOP) climbed 0.60% after reporting a slowing decline in sales in the second quarter.
On the downside, Swiss food giant Nestle SA (VX:NESN) saw shares plummet 3.06% after cutting its full year outlook. The stock weakened after the company was hit by a recall of its Maggi Noodles product in India and a rebate adjustment in its Skin Health division in the third quarter.
In London, commodity-heavy FTSE 100 advanced 0.59%, boosted by sharp gains in the energy sector.
Shares in oil and gas major BP (L:BP) jumped 1.62%, while Royal Dutch Shell (L:RDSa) led gains on the index, with shares surging 3.08%.
Meanwhile, mining stocks were mixed. Bhp Billiton (L:BLT) rose 0.26% and Glencore (L:GLEN) rallied 1.25%, while Rio Tinto (L:RIO) edged down 0.08% and Fresnillo (L:FRES) tumbled 1.05%.
Earlier Friday, Rio Tinto reported a 17% increase in third quarter iron ore shipments and said it was on track to meet its full-year target of 340 million tonnes.
In the financial sector, stocks broadly higher. Shares in the Royal Bank of Scotland (L:RBS) and HSBC Holdings (L:HSBA) climbed 0.52% and 0.66% respectively, while Lloyds Banking (L:LLOY) gained 0.88% and Barclays (L:BARC) rallied 1.57%.
