BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks were moving higher on Friday as investors cheered new stimulus efforts in Europe to deal with the economic fallout from the coronavirus pandemic.
The European Central Bank announced Thursday it will increase its Pandemic Emergency Purchase program by a further 600 billion euros ($676 billion) to support funding conditions in the real economy, especially for businesses and households. Markets were expecting a 500 billion euros increase.
On a light day on the economic front, investors await the U.S. nonfarm payrolls report later in the day for further direction.
The pan European Stoxx 600 climbed 1.3 percent to 371 after declining 0.7 percent on Thursday.
The German DAX rallied 1.7 percent, France's CAC 40 index jumped 1.9 percent and the U.K.'s FTSE 100 was up 1.1 percent.
Banks as well as trade-sensitive automakers were up across the board.
Total SA gained 3.6 percent, BP Plc surged 4.6 percent and Royal Dutch Shell added 4.1 percent after reports that OPEC+ leaders Russia and Saudi Arabia have clinched a tentative deal to extend record production curbs for another month until the end of July.
Travel-related stocks were moving higher after reports that some European countries were keen to adopt transport corridors, as soon as next month that would let British holidaymakers visit Mediterranean resorts without quarantining for 14 days on their return.
British Airways owner-IAG jumped 10.8 percent and easyJet advanced 8 percent.
German airline Lufthansa jumped 6.2 percent despite news that it will be replaced by real estate company Deutsche Wohnen AG in the DAX Index.
Copper producer KAZ Minerals slumped 11 percent after issuing an update for its Baimskaya Project.
Residential developer Taylor Wimpey rose 3.4 percent. As at week ending May 31, total order book value stood at approximately 2.78 billion pounds, up from last year's 2.52 billion pounds, the company said in a statement.
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