Glencore Surge Propels European Equities Toward Extended Winning Run

Key Moments

STOXX 600 rose 0.4% by 0809 GMT, supported by strength in energy and mining shares.
Glencore jumped 8% after Rio Tinto confirmed early-stage talks on a potential acquisition.
Anglo American gained 2.4% as its transaction with Teck Resources moved closer to EU antitrust clearance.

Broad Market Overview

European equity markets opened higher on Friday, with gains driven primarily by a sharp move in Glencore shares that put the STOXX 600 on course for its longest weekly winning streak since May.

The advance followed two sessions of declines, during which weaker corporate earnings and geopolitical concerns had weighed on risk appetite.

Index and Sector Performance

By 0809 GMT, the STOXX 600 was up 0.4%. Sector-wise, energy and basic resources were the main contributors to the upside, with energy stocks climbing 1.7% and miners advancing 1.5%.

Index / Sector	Move	Comment
STOXX 600	+0.4%	On track for its longest weekly winning streak since May
Energy stocks	+1.7%	Led broad market gains
Miners	+1.5%	Supported by deal speculation and regulatory progress

Glencore and Rio Tinto in Focus

Mining group Glencore surged 8% after Rio Tinto disclosed on Thursday that it is in early-stage discussions to acquire the company, a combination that would create the world’s largest mining group. Glencore shares reached their highest level since July 2024 following the news, while shares of Rio Tinto fell 2.2%.

Anglo American and Regulatory Developments

Shares of Anglo American rose 2.4%. The move came after a filing from the European Commission on the previous day indicated that the miner’s transaction with Canada’s Teck Resources is moving toward antitrust approval in the European Union.

Semiconductor-Related Stocks Advance

In the technology space, Dutch chip equipment maker ASML gained 2.1% after TSMC reported fourth-quarter revenue that exceeded expectations. Semiconductor manufacturer STMicroelectronics added nearly 1%.

Macro Backdrop and Investor Sentiment

Market participants are also watching for a key U.S. employment report due on Friday, which is expected to indicate slower job creation in December as companies take a more cautious approach to hiring.