BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - FTSE 100 of the London Stock Exchange rallied more than a percent amidst hopes of a relaxation in China's zero covid strategy. Mining stocks led the gains amidst a surge in commodity prices. Markets also await the payrolls data from the U.S. to assess whether the job market situation would allow the Fed to continue the pace of rate hikes.
Meanwhile, data showed the S&P Global/CIPS UK Construction PMI rising to 53.2 in October, from 52.3 in the previous month. Markets were expecting a reading of 50.5.
FTSE 100 oscillated between 7,293.39 and 7,188.63, the previous day's closing level.
The benchmark index of the London Stock Exchange is currently trading at 7,283.22, up 1.32 percent on an overnight basis.
In the 100-scrip index, 82 are trading above the levels on Thursday.
Mining major Anglo American led the rally with an 8.3 percent surge. Other mining names like Antofagasta, Rio Tinto, Endeavour Mining and Glencore also figure in the top gainers list.
Insurance major Prudential rallied more than 7 percent.
BAE Systems, RS Group, Sainsbury (J) and Reckitt Benckiser Group declined more than 1 percent.
Lloyds Banking group is the most active scrip with a turnover of 36 million.
The GBP/USD pair gained 0.42 percent to trade at 1.1212 amidst the US Dollar Index dropping half a percent to 112.36.
Yields on U.K.'s ten-year bonds increased 1.71 percent to 3.57% from Thursday's close of 3.51%.
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