European stocks rose on Friday after companies like ArcelorMittal and BT Group Plc reported better-than-expected results and data showed German exports recovered as expected in March, boosting hopes of economic revival by the end of the first quarter.
German exports grew 0.5 percent in March from the previous month, partially offsetting the 1.2 percent drop in February, the Federal Statistical Office said. The monthly rate of expansion matched economists' expectations. Imports grew 0.8 percent on a monthly basis after declining 3.9 percent in the prior month.
Separately, preliminary data released by the Office for National Statistics showed that UK's construction output decreased in the first quarter to the lowest level in around fourteen years.
The Euro Stoxx 50 index of eurozone bluechip stocks is moving up 0.7 percent, while the Stoxx Europe 50 index, is gaining 0.4 percent. Around Europe, benchmark indexes in Germany, France, the U.K. and Switzerland are up between 0.5 percent and 0.8 percent.
Salzgitter AG is rallying 6.3 percent in Frankfurt as the steelmaker announced an adjustment of its guidance for the current year.
Deutsche Boerse is adding 0.9 percent after finance minister Wolfgang Schaeuble said a controversial European financial transaction tax has "a long way to go" before anything becomes finalized.
Daimler is also moving up 0.8 percent on reports it is in discussions with Aston Martin on supply and technical cooperation agreements.
Shares of ArcelorMittal are climbing 4.8 percent in Amsterdam after the steel giant reported a loss for the first quarter, but stood by its targets for operating profit despite challenging economic conditions.
BT Group Plc is rallying over 16 percent in London after the British telecom giant proposed a higher final dividend and said it expects to increase dividend per share by 10-15 percent per year for the next two years.
Novartis shares are gaining 2.4 percent in Zurich. The drug maker said it received approval from the U.S. Food and Drug Administration for Ilaris to treat active systemic juvenile idiopathic arthritis in patients aged 2 years and older.
Elsewhere, Asian stocks ended broadly higher, with Japan's Nikkei index rallying almost 3 percent to a five-year high after the yen breached the 100 yen to the US dollar mark for the first time since April 2009. Seoul shares tumbled on renewed concerns over risks posed by a weakening yen, while stocks elsewhere posted modest gains, buoyed by positive U.S. jobless claims data.
The Dow futures point to a higher opening ahead of a meeting of G7 finance ministers and central bank chiefs beginning today in the UK.
Commodities are coming under selling pressure on speculation the Federal Reserve could begin scaling back its monetary stimulus program.
In response to reporters' questions after a speech in New York, Fed president Charles Plosser said unemployment would probably fall to 7 percent at the end of 2013 and he would favor reducing the Fed's $85 billion monthly pace of bond purchases beginning as early as the next meeting of the Federal Open Market Committee.
German finance minister Wolfgang Schaeuble also warned of "critical problems" from stimulus, saying countries must work together to "reduce global liquidity."
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