European equities advanced on Friday, with French hotel group Accor climbing on a report that China’s Jin Jiang was planning to hike its stake in the group, while a recovery in commodities prices boosted mining and energy stocks.

Accor shares rose 3.1 per cent, the top gainer in the pan-European FTSEurofirst 300 index, after French newspaper Le Figaro reported that Jin Jiang was considering increasing its Accor holding to 29 per cent. Accor declined to comment.

The FTSEurofirst 300 index rose 0.6 per cent, but the index was down nearly 1 per cent for the week after gaining for the previous three weeks running. The STOXX Europe 600 index was up 0.5 per cent.

Investors avoided placing big bets ahead of US jobs data that could provide some hints about the timing of the Federal Reserve’s likely move on interest rate hike. Non-farm payrolls probably rose 164,000 jobs in May after rising by 160,000 in April, according to a Reuters survey.

“Markets are mainly in a wait-and-see mode ahead of the US jobs data, with the importance of the report rising more than usual this time as the Fed has indicated that it is considering a rate hike sooner rather than later,” Philippe Gijsels, head of research at BNP Paribas Fortis, said.

“A jobs figure outside the consensus has the potential to move stock markets quite violently.”

Commodities stocks were in demand, with the European basic resources index rising 1.6 per cent, the top sectoral gainer, as the prices of copper, aluminium and zinc rose 0.5 to 1.0 per cent. Shares in Glencore, Anglo American and BHP Billiton were up 2.2 to 2.5 per cent.

The European oil and gas index advanced 1.6 percent as Brent oil prices rose 0.5 per cent to trade above $50 a barrel following an OPEC meeting that failed to agree on output targets, but which was seen as supportive as Saudi Arabia pledged not to flood the market with more fuel.

Shares in oil majors BP and Royal Dutch Shell were up 2.3 per cent and 1.9 per cent, respectively.

On the downside, Airbus fell 1.4 per cent, the top decliner in the FTSEurofirst 300 index, after the European Aviation Safety Authority grounded Airbus H225 LP and AS332 L2 Super Puma helicopters following the discovery of metal fatigue in the gearbox of a Super Puma that fatally crashed in Norway on April 29.

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