The European stock markets closed sharply higher in Friday trading as the Stoxx Europe 600 climbed 1.68%, Germany's DAX surged 2.49%, the FTSE 100 rose 1.17%, France's CAC 40 increased 2.33%, and the Swiss Market Index was up 1.13%.

Eurozone annual inflation is expected to be 2.2% in April, which is unchanged from March, according to a flash estimate from Eurostat, the statistical office of the European Union. Estonia had the highest estimated annual inflation rate at 4.4%, while France had the lowest rate at 0.8%.

Eurostat also reported that the eurozone seasonally adjusted unemployment rate was 6.2% in March, unchanged from February, and down from 6.5% a year earlier. And in the EU, the unemployment rate was 5.8% in March, which was also unchanged from February and down from 6.0% a year earlier.

The HCOB Eurozone Manufacturing PMI, which gauges the health of eurozone factories compiled by S&P Global, rose for the fourth straight month in April, registering a 32-month high of 49.0, up from 48.6 in March. Despite the gain, the reading remains below the 50.0-point threshold separating growth from contraction.

Greece and Ireland had the best-performing manufacturing sectors for the month at 53.2 and 53.0, respectively, while Spain and Austria had the lowest readings at 48.1 and 46.6, respectively.

Meanwhile, the EU is looking to increase purchases of US goods by 50 billion euros ($56.77 billion) in a move to resolve trade tensions, the Financial Times reported Thursday, citing EU trade commissioner Maros Sefcovic. Europe seeks a fair agreement with the Trump administration, but does not consider a 10% tariff on its exports an acceptable outcome, Sefcovic told the news outlet.

And in corporate news, Shell Chief Executive Wael Sawan prefers to repurchase more of the company's shares rather than initiate a takeover bid for BP, the Financial Times reported Friday, citing the executive. Shell did not immediately reply to a request for comment from MT Newswires.

Shares of Shell rose 2.1% on the FTSE, while BP shares edged 0.1% higher.

AstraZeneca said Friday that its fixed-dose triple-combination therapy Breztri Aerosphere met all primary endpoints in a phase 3 trial to treat asthma. The pharmaceutical company said the drug showed statistically significant and clinically meaningful improvements in lung function.

Shares of AstraZeneca gained 1.4% in London

Equinor said Thursday it signed agreements to transfer its 60% operated interest in the Peregrino oil field in Brazil to PRIO for a total consideration of as much as $3.5 billion.

Shares of the Norwegian petroleum refiner closed 0.8% higher in Oslo.