Investing.com - European stocks were higher on Friday, as markets recovered from the week's inconclusive emergency meeting on the Greek debt crisis and as upbeat German economic growth data lent support.
During European morning trade, the EURO STOXX 50 jumped 0.99%, France’s CAC 40 climbed 0.88%, while Germany’s DAX 30 advanced 0.76%.
Preliminary data earlier showed that German gross domestic product rose 0.7% in the last quarter, beating expectations for a 0.3% increase and up from a growth rate of 0.1% in the three months to September.
A separate report showed that France's GDP rose 0.1% in the fourth quarter of 2014, in line with expectations, after the economy grew 0.4% in the previous quarter.
Equities had come under pressure after talks between Greece and European Union officials ended without an agreement on Wednesday, though both sides said there was still hope for a deal. Further talks are due to be held next Monday.
Greece’s current bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling fears over a conflict with its creditors which could trigger the country’s exit from the euro zone.
Financial stocks were broadly higher, as French lenders BNP Paribas and Societe Generale surged 2% and 2.43%, while Germany's Deutsche Bank and Commerzbank rallied 1.09% and 1.45%.
Among peripheral lenders, Italy's Unicredit and Intesa Sanpaolo jumped 1.36% and 2.36% respectively, while Spanish banks Banco Santander and BBVA advanced 1.23% and 1.38%.
Elsewhere, ArcelorMittal surged 2.48% even as the world’s largest steelmaker said it expects profit to decline this year.
Also in earnings news, German steelmaker Thyssenkrupp (XETRA:TKAG) reported a profit for the first quarter of its fiscal year and maintained its 2015 outlook but shares still plummeted 1.98%.
In London, commodity-heavy FTSE 100 gained 0.87%, boosted by gains in the energy and mining sectors.
Shares in oil and gas major BP (LONDON:BP) rallied 1.67%, while rival Tullow Oil (LONDON:TLW) led gains on the index, with shares soaring 4.02%.
Meanwhile, mining giants Rio Tinto and Anglo American climbed 2.20% and 2.98%, while Glencore Xstrata and Bhp Billiton surged 3.08% and 3.40% respectively.
In the financial sector, stocks were also broadly higher as HSBC Holdings and Lloyds Banking advanced 0.84% and 0.86%, while the Royal Bank of Scotland jumped 1.34% and Barclays climbed 2.34%.
On the downside, Rolls-Royce Holdings (LONDON:RR) slipped 0.28% after the luxury carmaker said annual earnings fell by 8% and forecast a further decline this year due to dropping crude oil prices.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.21% rise, S&P 500 futures signaled a 0.15% gain, while the Nasdaq 100 futures indicated a 0.25% increase.
Later in the day, the euro zone was to release preliminary data on economic growth, while the U.S. was to produce preliminary data on consumer sentiment.