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Market Update

European Stocks Trade Higher; Resources Lead

European markets were trading higher Friday, led by commodity-linked stocks, and as gains in Asian equities spurred investor confidence.

The FTSE 100 was up 0.3% at 8:07 a.m. London time. The CAC 40 Paris rose 0.7% while the DAX Frankfurt moved up 0.4%.

Commodities, including gold and silver, bounced back after recent losses as traders returned to the market, but gains were limited as global growth concerns lingered.

Weak Chinese and U.S economic data had reignited fears of global slowdown, hitting the demand for risier assets including commodities like gold and oil earlier this week.

Stocks on the move

In London, mining giant BHP Billiton gained 1.4% while Rio Tinto Plc. pushed 2.1% higher. Anglo American Plc. was up around 2% too after the diversified miner reported higher output of most commodities for the first quarter.

Among oil stocks, BP Plc. tacked on a percent while Essar Energy Plc. was a percent higher too.

Financials stocks were mixed -- Barclays Plc. edged up 0.3% while Lloyds Banking Group was little changed.

Germany based Commerzbank dropped 1.2% even as Deutsche Bank AG inched up 0.3%.

Among French lenders, BNP Paribas SA rose 1.8% while Societe Generale SA added 1.6%.

On the earnings front, German software maker SAP reported higher revenues and profits for the first quarter but said it is downsizing its service and consulting business. Shares of SAP were trading 2.3% lower at the time of writing.

French cosmetic group L'Oreal bounced nearly 3% after its revenues topped analysts' estimates.