(MENAFN- AFP) European stocks steadied on Friday following sharp gains the previous day, while oil futures rose slightly after sharp falls amid huge volatility across global markets ahead of the festive shutdown.
Around midday in the British capital, London's FTSE 100 index of leading shares climbed 0.41 percent to stand at 6,492.63 points compared with Thursday's close.
Frankfurt's DAX 30 slid 0.48 percent to 9,764.40 points and in Paris the CAC 40 slipped 0.33 percent to 4,235.29.
Global stock markets surged in a "Santa Claus rally" on Thursday as dealers welcomed the outcome of the US Federal Reserve meeting which signalled an interest rate increase was not imminent.
Asian markets continued the trend on Friday, with Tokyo jumping 2.39 percent by the close and Hong Kong up 1.25 percent.
The Bank of Japan on Friday struck a more upbeat view of the world's number three economy, saying exports were showing signs of picking up while factory output has started to "bottom out".
The comments came as policymakers wrapped up a two-day meeting where they held off fresh easing measures, after announcing in late October a huge expansion of the BoJ's asset-buying programme.
"He left it late this year, but Santa finally provided a Christmas rally yesterday, after stability entered the previously volatile rouble and Brent Crude oil, and positivity from US and Japan led to worldwide rallies," Connor Campbell, analyst at Spreadex trading group, said Friday.
In foreign exchange, the euro fell to $1.2271 from $1.2287 late in New York on Thursday.
Gold dipped to $1,197.50 an ounce from $1,199 Thursday on the London Bullion Market.
Brent North Sea crude for delivery in February rose 77 cents to $60.01 a barrel and New York's WTI contract for January won 72 cents to $54.83.
Oil prices skidded sharply lower in volatile trade Thursday, pushing the US benchmark futures contract to a new five-year low amid concerns about ample global supplies.
"We see a lot of volatility and this volatility seems bound to last until the end of the year, with not much happening, fundamentally," said Carl Larry of Frost & Sullivan.
"It's a lot of holiday trade now," he said, with traders looking in the rearview mirror at important US macroeconomic events: the November jobs report last Friday and the Federal Reserve policy decision Wednesday.
Fed Chair Janet Yellen said the dramatic decline in global oil prices was good for the US economy, a net importer of oil, as consumers gain extra dollars to boost spending.
Oil prices have plunged from June levels above $100 a barrel, and OPEC, the oil producers group that supplies about a third of the world's crude oil, has refused to cut output.
Saudi Arabia, the leading OPEC producer said on Thursday that competitive pressures prevent it from reducing output, and the kingdom can weather plunging oil prices.
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