European stocks gain as Glencore boosts STOXX600
European shares opened higher on Friday, helped by an 8% increase in Glencore. This put the STOXX 600 at its highest weekly winning streak since may.
Gains reversed two sessions of losses when earnings were weaker and geopolitical tensions cooled sentiment.
Rio Tinto announced on Thursday that it was 'in early discussions to purchase Glencore. This deal would create the world's largest mining corporation. Glencore shares reached a high not seen since July 2024 while Rio Tinto fell 2.2%.
STOXX 600 rose 0.4% at 8:09 GMT. The energy stocks and mining stocks led the gains, with 1.7% and 1.5 percent, respectively.
Anglo American shares also grew?2.4% a day following a filing by the European Commission that showed the deal between the Canadian company Teck Resources and the mining giant was heading towards antitrust clearance in Europe.
Dutch chip equipment maker ASML added 2.1%, after TSMC reported ?better-than-expected fourth-quarter revenue. STMicroelectronics, a chipmaker, rose by?nearly 1 percent.
Investors will also be watching a vital U.S. jobs report on Friday. It is expected to show that job growth in the U.S. slowed in December, due to businesses' caution. (Reporting and editing by Nivedita Battacharjee in Bengaluru)
(source: Reuters)
