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European stocks join the global rally, mining stocks soar

FXStreet (Mumbai) - The European stocks extend their recent run of gains and trade sharply higher on Friday, with most regional indices poised for a strongly weekly gain, as the dropping 2015 Fed rate hike bets after the latest Fed minutes will imply lower borrowing costs for longer period. Hence, boosting the sentiment around the corporate sector.

European stocks cheer Fed rate hike delay prospects

Moreover, rallying oil and metal prices lift the metals & mining stocks on the European bourses, further contributing to the solid performance.

The German index, the DAX, rallies on the back of soaring utilities stocks on higher oil prices. While the FTSE was boosted by the miners. The UK Steel giant Arcelor Mittal jumped over 6% JPMorgan upgraded the company’s ratings to overweight from neutral. Likewise, Glencore rallied nearly 6% after the company announced output cuts in its zinc mines globally.

Meanwhile, Germany’s DAX rallies to 10,100 points, up 1.07% while the UK’s FTSE gains 0.67% to 6,417. Among the other indices, the French CAC 40 index gains 0.87% to 4,718, while the pan-European Euro Stoxx 50 index trades rallies 1% to 3,257 points.

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