European stock markets rose on Friday, boosted by strong non-farm payrolls report from the usa increasing investors' confidence in the US economy.
Stoxx Europe 600 index closed up 0.4%. Banks and energy sectors saw the largest gains.
Despite the rise on Friday, this benchmark index for the europe region still fell by about 1.8% this week. Concerns in the market about Israel potentially deciding to strike Iranian oil facilities in retaliation are expected to lead to the largest weekly surge in oil prices in two years.
In the midst of geopolitical uncertainties, the bright prospects of the usa economy have encouraged investors. Traders swiftly cut back on bets on the extent of the rate cut of the federal reserve in November. The Federal Reserve made a significant 50 basis point rate cut in September to boost economic growth.
Friday's non-farm payrolls report showed that US non-farm employment exceeded all expectations in September, with an unexpected drop in the unemployment rate and accelerated wage growth.
"Today's employment data shows that the actions of the Federal Reserve have effectively supported its mission of full employment," said Richard Flynn, Director of Charles Schwab in the united kingdom.