European Markets Climbed Again Capping Stellar Week Of Gains

(RTTNews) - The European markets ended Friday's session in positive territory, capping a strong weekly performance. The European markets enjoyed their largest weekly gain since January. The solid performance of the Asian markets provided an early boost and commodity strength continued to fuel the gains in Europe. Mining stocks were particularly strong after Glencore announced that it will cut its zinc production.

Investors also had their first opportunity to react to the minutes from the most recent meeting of the Federal Reserve, which were released after the European close yesterday. The minutes showed that Fed members were concerned about global growth risks and decided it was prudent to wait for additional information before raising interest rates. Combined with recent jobs and trade data, the minutes helped reinforce the view that the Fed will not raise rates later this month and may delay its first rate hike into next year.

However, Federal Reserve Bank of Atlanta President Dennis Lockhart said Friday that the Federal Reserve remains on track to raise interest rates before year's end. Lockhart feels the U.S. economy has enough momentum to withstand China's slowdown and gradual interest rate hikes.

The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.79 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.29 percent.

The DAX of Germany climbed 1.04 percent and the CAC 40 of France rose 0.54 percent. The FTSE of the U.K. gained 0.65 percent and the SMI of Switzerland finished higher by 0.07 percent.

In Frankfurt, RWE surged 6.24 percent and E.ON added 2.80 percent.

Deutsche Bank jumped 3.52 percent, after yesterday's weak performance. Commerzbank also finished higher by 1.15 percent.

Volkswagen increased 3 percent and BMW gained 1.86 percent. Daimler also closed up by 2.45 percent.

In Paris, Car parts market Valeo climbed 3.07 percent. Peugeot advanced 2.88 percent and Renault added 1.71 percent.

EDF rose 3.77 percent and Schneider Electric finished up 3.14 percent.

In London, SABMiller gained 0.76 percent. The company has raised its target annual run rate cost savings from its cost and efficiency programme, announced in May 2014, from US$500 million by 31 March 2018 to at least US$1,050 million by 31 March 2020.

Glencore surged 7.00 percent after announcing that it will cut zinc production by a third.

Anglo American surged 7.23 percent and Rio Tinto gained 3.15 percent. Frenillo advanced 4.26 percent and BHP Billiton added 4.32 percent. Antofagasta also gained 3.11 percent.

ArcelorMittal climbed 5.99 percent in Amsterdam. JP Morgan upgraded its rating on the stock to "Overweight" from "Neutral."

Sweden-based zinc producer Boliden AB jumped 12.89 percent in Stockholm.

DSV climbed 7.19 percent in Copenhagen after the logistics company agreed to buy UTi Worldwide Inc.

Norsk Hydro leaped 4.95 percent in Oslo. The company has signed a letter of intent with Brazilian mining company Vale for the possible acquisition of Vale's 40 percent interest in Brazilian bauxite producer Mineração Rio do Norte.

French industrial and manufacturing output expanded at the fastest pace in more than two years in August, data from the statistical office Insee showed Friday.

Industrial production grew 1.6 percent on a monthly basis in August, reversing a 1.1 percent fall in July. It was the fastest growth since April 2013, when it climbed 2.1 percent. Growth also exceeded a 0.6 percent rise forecast by economists.

The U.K. visible trade deficit narrowed in August as car exports increased from July, the Office for National Statistics reported Friday. The deficit on trade in goods fell to GBP 11.1 billion from GBP 12.2 billion in July. It was expected to fall to GBP 9.9 billion.

British construction output unexpectedly declined for a second straight month in August at its fastest pace since late 2012, figures from the Office for National Statistics showed Friday. Construction output dropped 4.3 percent from July, when it fell 1 percent. Economists had expected a 1 percent gain. The pace of decline was the fastest since December 2012, when output decreased 5.1 percent.

Import prices in the U.S. saw a modest decrease in the month of September, according to a report released by the Labor Department on Friday, with a drop in non-fuel prices offsetting a rebound in fuel prices.

The report said import prices edged down by 0.1 percent in September after tumbling by a revised 1.6 percent in August. Economists had expected import prices to fall by 0.4 percent.

The report also said export prices dropped by 0.7 percent in September after slumping 1.4 percent in August. The decrease was much steeper than the 0.2 percent drop expected by economists.

With an increase in inventories of durable goods partly offset by a drop in inventories of non-durable goods, the Commerce Department released a report on Friday showing only a slight uptick in U.S. wholesale inventories in the month of August.

The Commerce Department said wholesale inventories inched up by 0.1 percent in August following a revised 0.3 percent drop in July. The modest increase in inventories matched economist estimates.