LONDON: European stock markets rose on Friday while the euro treaded water as traders reacted to a batch of eurozone economic data and changes to country credit ratings. London's benchmark FTSE 100 index climbed 0.28 percent to 6,673.41 points in afternoon trading.
Frankfurt's DAX 30 edged up 0.09 percent to 9,396.01 points and in Paris the CAC 40 added 0.06 percent to 4,305.06 compared with Thursday's close. Madrid's IBEX 35 expanded 0.26 percent to 9,885.80 points. "It's been quite a busy start to the European session on Friday, with a whole host of economic releases and ratings upgrades boosting investor sentiment," said Craig Erlam, market analyst at Alpari traders.
"Today's US session is likely to be extremely quiet, with volumes being hit as a number of traders turn the Thanksgiving holiday into a long weekend." Global rating agency Standard & Poor's upgraded its outlook for Spain's debt on Friday, highlighting the prospects for export-led growth in the eurozone's fourth-largest economy.
S&P also raised its sovereign debt rating for Cyprus to B- from CCC+, saying that fears of the island reneging on bailout terms had receded.
But citing weak growth prospects, it downgraded the Netherlands to "AA+" -- causing the eurozone member to drop out of the exclusive club of "AAA".
"Fairly meagre growth across Europe continues merely to prevent any further job losses but isn't strong enough to actually create new ones," added Peregrine & Black trader Markus Huber.
Eurozone unemployment eased off record highs in October, official data showed on Friday -- a modest improvement in line with other recent data, but youth jobless numbers edged up.
Unemployment in the 17-nation single currency bloc fell to 12.1 percent in October from 12.2 percent in September, the Eurostat statistics agency said.
Total people out of work dropped by 61,000 to 19.3 million.
The data, published alongside improving eurozone inflation figures, offered only modest respite as the bloc struggles to get back on track after a record recession, analysts said.
"The uptick in inflation will ease concerns about deflationary risks," said Martin van Vliet of Global Economics ING.
"But with high unemployment keeping wage growth down, disinflationary pressures... remain firmly in place."
Inflation rose to 0.9 percent in November from a four-year low of 0.7 percent in October, which had stoked concerns the bloc risked a damaging cycle of falling prices.
In foreign exchange, the euro was steady at $1.3606. The European single currency dipped to 139.19 yen from 139.23 yen on Thursday, when it also hit a five-year high of 139.71 yen
On the London Bullion Market, the price of gold dipped to $1,245.25 an ounce from $1,245.50 on Thursday.
Asian stock markets ended mixed on Friday, with Japanese investors cashing in after the Nikkei has reached a near six-year high this week thanks to a weakening yen and record closes in New York.
Tokyo fell 0.41 percent while Sydney gave up 0.27 percent.
Shanghai finished flat while Hong Kong was up 0.39 percent.
US stocks Friday opened higher in a holiday-shortened session following positive early assessments of "Black Friday" shopping triffic by some leading retailers. Five minutes into trade, the Dow Jones Industrial Average gained 0.21 percent to 16,131.49 points.
The broad-based S&P 500 tacked on 0.15 percent to 1,810.00, while the tech-rich Nasdaq Composite Index advanced 0.40 percent to 4,060.99.
Dow member Walmart said total sales on Thanksgiving Day exceeded last year's total of 22 million customers served. "Our Black Friday events were bigger, better, faster, cheaper and safer than ever," said Walmart chief executive Bill Simon. "More customers chose us, we had the prices and products they were looking for, and we're not finished yet."
