European Stocks Climb as Miners Lead Charge

European stocks rose on Friday with weekly gains, driven by miner performance. Investors are looking ahead to the U.S. Federal Reserve's meeting, anticipating a monetary easing cycle. The STOXX 600 index increased by 0.5%, while data showed France's year-on-year consumer prices rose in August. Investors are also watching U.S. central bank rate cut speculations.

European stocks advanced on Friday and were on track for weekly gains, buoyed by a strong performance from miners. Investors turned their attention to the upcoming U.S. Federal Reserve meeting, where a long-anticipated monetary easing cycle is expected to begin.

The pan-European STOXX 600 index gained 0.5%, reaching 514.5 points as of 0710 GMT. France's CAC 40 rose 0.3%, following data showing a 2.2% year-on-year increase in consumer prices for August, consistent with preliminary readings. Miners led the market surge, rising 0.6% as copper prices hit a two-week high driven by buying activity ahead of a Chinese holiday and renewed stimulus hopes after Chinese President Xi Jinping pushed for measures to boost economic growth.

Following the European Central Bank's decision to lower its deposit rate to 3.5% on Thursday, investors are now focused on the potential size and impact of the U.S. central bank's expected rate cut next week. Money markets currently see a 43% chance of a 50 basis points reduction on September 18. Former New York Fed Chief Bill Dudley commented, 'I think there's a strong case for 50.'

In individual stock movements, Astrazeneca fell 1.1% after Deutsche Bank downgraded the stock rating to 'sell' and lowered its price target on Friday. Meanwhile, shares of Denmark's DSV climbed 2.4% after announcing plans to invest around one billion euros in Germany over the next three to five years, following its acquisition of Deutsche Bahn's logistics unit Schenker.

(With inputs from agencies.)