Global stocks staged a modest recovery Friday, reversing losses from earlier in the week.
The Stoxx Europe 600 rose 1% in afternoon trade, bolstered by a strong trading session in Asia.
The S&P 500 pared its steepest declines Thursday but still fell back into negative territory for the year after comments from Federal Reserve officials further heightened expectations that the central bank would raise rates this summer.
"The dollar is behaving, oil is behaving, and nothing is happening in China -- the Federal Reserve might have a window of opportunity here," said Marino Valensise, head of the multiasset group at Baring Asset Management.
Fed-fund futures, used by investors and traders to bet on central-bank policy, last suggested a 30% chance of a rate increase in June, according to data from CME Group, a steep rise from the start of the week.
Increased expectations of a summer rate increase have weighed on stock markets this week, after years of easy money policy helped fuel a rally.
U.S. indexes are now on track for their fourth consecutive week of declines.
"We're not really going anywhere," Mr. Valensise said. "Investors have been very skeptical in a world where there is very little revenue growth, " he added.
Companies in the S&P 500 are on track to report a fourth straight quarter of declines from the year-earlier period.
In currencies, the euro was last up 0.1% against the dollar at $1.1219, while the dollar rose 0.4% against the yen at Yen110.3890.
Asian markets mostly ended higher, lifted by earlier gains in the oil price. Brent crude oil was last down 0.3% at $48.67 a barrel after climbing during Asian and early European trading hours.
Stocks in Australia and Japan rose 0.5%, while shares in Hong Kong added 0.8%. The Shanghai Composite Index ended the day 0.7% higher, but still concluded its fifth consecutive week of declines.
Group of Seven finance ministers and central bankers begin a two-day meeting Friday in Japan, and are expected to discuss the prospects for stimulating global growth.
Dan Strumpf and Mark Taylor contributed to this article.
