The European stock markets were sharply higher in Friday trading as The Stoxx Europe 600 rose 1.20%, Germany's DAX climbed 1.89%, the FTSE 100 in London gained 1.15%, France's CAC 40 increased 1.16%, and the Swiss Market Index was moving 0.80% higher.

In Germany, the annual inflation rate was 2.3% in February, which was the same as the previous month, according to the Federal Statistical Office, which attributed the rise to increasing food prices.

In France, annual inflation rose 0.8% in February after increasing 1.7% in January, according to the Institute of Statistics and Economic Studies, which said it was the first time in four years that annual inflation was below 1%. Monthly inflation was unchanged.

In the UK, monthly real gross domestic product declined an estimated 0.1% in January due in large part to a fall in the production sector, according to the Office for National Statistics. For the three months to January, real GDP grew an estimated 0.2%, which was mainly attributed to services sector growth.

And in corporate news, mining giant Rio Tinto's more than 400 workers at its Paraburdoo mine represented by the Western Mine Workers Alliance have signed a petition to support collective bargaining, the Alliance said Thursday in a Facebook post. "Our experience is that our existing approach helps drive productivity and wages growth," a Rio Tinto spokesperson told MT Newswires in an email late Thursday. "This model has delivered for our people, our business and the Australian economy, through the creation of jobs, strong and sustained wage growth, and the payment of royalties."

Oil and gas giant BP stopped a gas leak at its Greater Tortue Ahmeyim project off West Africa on March 12, the company confirmed to MT Newswires Friday. "Considering the low rate of release and the observed properties of the gas and condensate, the environmental impact of the release is currently assessed as negligible," BP added.

Italian oil and gas company Eni's Plenitude is under investigation by the Italian Competition Authority over "a suspected unfair commercial practice," the regulator said Friday. Eni did not immediately reply to MT Newswires' request for comment.

European automaker Stellantis' Stellantis Pro One unit has agreed to supply two electric light commercial vehicles to Iveco Group's Iveco brand for the European market, the companies said Friday. Stellantis Pro will produce the vans at its plants in Italy, Poland and France.