European stocks jump to 1-week high on improved sentiment

European stocks rose in early trading on Friday, and hit a 1-week high, thanks to improved sentiment following Wall Street's rally and strong data on the business climate in Germany.

The Stoxx Europe 600 index rose 0.7% as of 11:19 GMT, and hit the highest since March 18 at 426.9 points, after closing lower by 0.1% yesterday and hit a 2-week low at 419 points.

The mining sector saw the largest gains in Europe today, with a jump of more than 3%, as most metals and commodities prices rose.

The market sentiment improved following strong gains at Wall Street, thanks to Chairman of the Federal Reserve Jerome Powell's statements.

S&P 500 futures rose more than 0.2%, ahead of Wall Street opening after the index closed higher by 0.5% yesterday led by strong gains in the banking sector.

Jerome Powell said will be allowed to resume dividend payouts and share repurchases starting June 30.

The German IFO Institute released its reading for the business climate index at 96.6 points during March, the best reading in nearly two years, beating forecasts of 93.1 points, and higher than the previous reading of 92.4 points. 

Back to Europe, the Euro Stoxx 50 index rose 0.6%, while France's CAC 40 fell 0.4%, and the UK's FTSE 100 rose 0.2%, while Germany's DAX index rose 0.7%.