The European markets rose Friday after reports showed Eurozone industrial production rose at a record pace in January and U.S. retail sales unexpectedly increased last month.
The U.S. Commerce Department said in its report that retail sales rose by 0.3% in February following a downwardly revised 0.1% increase in January. The sales growth came as a surprise to economists, who had expected sales to edge down by 0.2% compared to the 0.5% growth originally reported for the previous month.
The Reuters/University of Michigan preliminary consumer sentiment index for March fell to 72.5 from February's final reading of 73.6. Economists had expected the index to edge up to a reading of 74.0.
Eurozone industrial output increased 1.7% month-on-month in January after an upwardly revised 0.6% growth in December, Eurostat said Friday. Economists had forecast a modest increase of 0.7%. The January increase was the biggest since records began in 1990.
Crude for April delivery fell $1.04 to $81.07 a barrel on the New York Mercantile Exchange, by the time the European markets closed.
The FTSEurofirst 300 index of pan-European blue chips closed 0.28% higher at 1,058.97 points, while the narrower DJ Stoxx 50 index rose 0.14% to 2,581.57 points.
Around Europe, the U.K.'s FTSE 100 index rose 0.15% to 5,625.65 and Germany's DAX index surged up 0.28% to 5,945.11, while France's CAC 40 index declined 0.04% to 3,927.40.
Siemens, Europe's largest engineering company, rose 1.7% and Nexans, the world's biggest maker of cables and wires, surged up 3.4% after the report showing increase in Eurozone industrial output was released.
Yara International rallied 6.7% after the company said it would not raise its offer for Terra Industries to match or exceed a rival bid from CF Industries.
BskyB, Britain's biggest pay-television provider, climbed 5% on market talk that Rupert Murdoch's News Corp., which already owns 39% of BskyB, may be planning to bid for the stake it doesn't already own.
EFG Eurobank Ergasias, Greece's second largest bank, rose 2.6% after the company reported fourth quarter profit that beat analysts' estimate.
On the other hand, Swiss drugmaker Roche fell 3% after the company said its Avastin cancer drug failed to extend overall survival n men with late stage prostate cancer when given in combination with chemotherapy and prednisone in a late-stage trial.
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