ROME: European stocks climbed on Friday, boosted by a late rise on Wall Street.
The Stoxx Europe 600 was 0.4% higher in early trade, reversing the previous day’s decline, leaving the index marginally lower this week. The gains echo a recovery in U.S. shares, spurred by signs that oil prices are steadying following recent declines.
Brent crude was down 0.3% Friday at $49 a barrel.
Equity markets in Europe have largely taken a breather in recent sessions after the rally spurred by the European Central Bank’s announcement of its bond-buying program last week.
“The ECB quantitative easing euphoria has begun to wear off,” said Ian Williams, economist and strategist at brokerage Peel Hunt.
While Greek markets have been endured a roller coaster rise in the aftermath of antiausterity party Syriza’s victory in Sunday’s election, investors have largely shrugged off the implications for the rest of Europe.
In Greece, markets extended their rebound for a second day, with the Athex Composite index up 1.7% in early trade. Greek government bonds climbed, with 10-year yields falling below 10.0%.
Investors were awaiting the eurozone inflation data, which are expected to show the decline in consumer prices accelerated in January, largely driven by lower energy costs.
In currency markets, the euro was 0.1% higher against the dollar at $1.1341. The euro fell sharply in the wake of the ECB’s stimulus announcement, but has since steadied.
Elsewhere, the Russian ruble continued to weaken ahead of the central bank’s latest policy announcement. The currency, which has been battered by credit rating downgrades and falling oil prices, fell 0.4% to 69.02 to the dollar.
