European stock markets opened higher on Friday, bouncing back from two days of losses caused by weak earnings and political tension.
The STOXX 600 index is now on track for its best winning streak since May, largely thanks to a massive 8% jump in shares of Glencore. This surge happened after rival mining giant Rio Tinto announced it is in early talks to buy Glencore, a deal that would create the world’s largest mining company. While Glencore stock hit an 18-month high on the news, Rio Tinto’s shares dropped 2.2%.
The broader European market rose 0.4%, led by gains in energy and mining companies. Other notable movers included Anglo American, which rose 2.4% on news that its deal with Teck Resources is likely to be approved by European regulators.
Tech stocks also performed well; ASML gained 2.1% and STMicroelectronics rose nearly 1% after positive revenue reports from industry partner TSMC.
Investors are now waiting for the crucial US jobs report later today, which is expected to show that hiring slowed down in December.
On the FX front, the US dollar rose slightly on Friday, reaching its highest level in a month, as investors waited for the upcoming jobs report and a major Supreme Court ruling on President Trump’s tariffs. The dollar also strengthened against the Japanese Yen for the fourth straight day.
In contrast, the Euro dropped to $1.1644 after data showed that German exports unexpectedly fell, even though industrial production actually improved.
Other major currencies struggled as well: the British Pound fell 0.2%, while the Australian and New Zealand dollars both dropped, with the “Kiwi” hitting its lowest point since early December.
In the cryptocurrency market, Bitcoin fell 1% to around $90,170, and Ether slid nearly 1% to roughly $3,085.
Currency Power Balance
