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(Sharecast News) - European shares were mostly higher on Friday adding to the previous session's gains.
Boosting sentiment were hoped that the EU might yet be able to avoid reciprocal US trade tariffs through negotiations.
US President Donald Trump on Thursday said he would impose new import duties in retaliation for those levied by other countries, taking aim at the European Union's 20% VAT rate, saying it was the same as a tariff, but set a deadline for the end of April for talks to take place.
"Although President Trump's pledge to impose reciprocal tariffs on trade partners has set off a fresh round of uncertainty, the more gradual approach has been tentatively welcomed. With a fresh deadline set for April, he's essentially triggered fresh rounds of talks, and haggling is set to ensue with leaders," said Hargreaves Lansdown analyst Susannah Streeter.
The pan-regional Stoxx 600 dipped 0.24% and the German Dax slipped 0.44%.
But the main stock market indices in France, Italy and Spain were all higher by approximately 0.2%.
Oil futures were little changed while euro/dollar added 0.32% to 1.0492.
Stocks were also buoyed by news that the president of the European Commission had argued in favour of excluding defence spending from the bloc's budget deficit limits.
In other economic news, the eurozone economy grew 0.1% in Q424, according to Eurostat, ahead of preliminary estimates for a flat reading.
The bloc's gross domestic product increased at an annual rate of 0.9% in Q4, in line with initial estimates of 0.9%, even as the EU's two largest economies contracted, with German GDP contracting by 0.2% and French GDP decreasing by 0.1%, while Italy stagnated for a second straight quarter. Year-on-year, Euro Area GDP grew by 0.9%.
In equity news, shares in posh fashion brand Hermes gained 1% as it reported a better-than-expected rise in fourth-quarter sales. The news lifted shares in brands favoured by the wealthy such as Richemont, Burberry, LVMH and Christian Dior.
Tomra Systems topped the Stoxx, jumping 13%, after the Norwegian recycling specialist posted strong fourth-quarter results.