European stocks opened higher on Friday following the release of the upbeat US jobs data from Thursday. Investors are looking forward to the upcoming German IFO Business Climate report and the ECB’s president Draghi’s speech at the European Banking Congress.
The pan-European Euro Stoxx 50 gained 0.21% higher at 3,050.76, while the German DAX index opened 0.15% higher at 9,210.06 at the time of writing.
At the same time, the French CAC 40 rose 0.24% higher; opening at 4,264.04 and the UK FTSE 100 edged 0.03% lower, standing at 6,696.70.
Germany is expected to release its Business Climate indicator by 9:00am GMT with forecasts of a rise of 107.7 points in November, slightly higher from the 107.4 recorded in October.
In Italy, the National Institute for Statistics (ISTAT) is expected to report retail sales data for September by 9:00am GMT.
In Germany, the economic growth slowed in the third quarter, recording a lower gross domestic product (GDP) growth rate, reports from Germany’s federal statistics office Destatis confirmed.
Germany expanded its GDP at a pace of 0.3% on a quarterly basis in the period from July to September, slower than the 0.7% seen in the final reading from the previous quarter.
According to the International Energy Agency in France, the US will account for approximately 21% of global oil demand this year. Jobless claims dropped by 21,000 to 323,000 in the week ended November 15, reports from the US Department of Labour confirmed on Thursday.
European Central Bank President Mario Draghi denied rumors of negative deposit interest rates for the euro and commented on the economic growth, emphasizing on the downside for the future economic outlook that remains weak.
Draghi pointed out that Germany’s economic growth should be a model for all the other nations in the eurozone.
Draghi is expected to give another speech at the European Banking Congress on Friday.
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