European markets open positively; Stoxx 600; FTSE; Greenland

LONDON — European markets were higher Friday as global investors awaited a key U.S. jobs report and a Supreme Court ruling on President Donald Trump’s tariffs.

The pan-European Stoxx 600 index was up 0.5% as of 10:57 a.m. in London (5:57 a.m. ET), with major regional exchanges and most sectors in the green.

It was confirmed on Friday morning that the British mining company Rio Tinto is in preliminary talks to acquire a Swiss company Glencorein what could create the largest mining company in the world. Glencore was last seen up 10%.

Defense sector stocks extended gains for a fifth straight day on Thursday. It looked set to add further value on Friday as the European Aerospace and Defense Index got off to a positive start to the session, but pared its gains to fall 0.3% by late morning. This follows that of President Donald Trump call for an increase in US military spending and continued rhetoric about Greenland.

Trump called for a 50% increase in U.S. military spending, aiming for a $1.5 trillion budget in 2027, in a TruthSocial article Wednesday evening..

He has also increased calls for Greenland to be placed under Washington’s control and is considering various options to achieve this: including military action. This could mean the end of NATOgiven that the United States and Denmark, responsible for the defense of Greenland, are both members.

Meanwhile, the CEO of the mining company Amaq label CNBC the United States was considering investing in critical mining projects in Greenland. It precedes high-stakes discussions between Washington and Danish officials over the island’s future, as Trump maintains its importance to US national security.

Looking at individual stocks, the British aerospace group Rolls-Royce hit a new high on Friday and was last seen up 0.55%, supported by the defense sector and positive sentiment towards the UK. FTSE100.

Shares of European oil companies have fallen this week as investors continue to react to Trump’s action in Venezuela, but pared some gains in early deals reached Friday. P.A. was up 2.2%, Shell added 2% and TotalEnergies gained 1.9%.

It’s been a busy week for UK retailers, with reports of TESCO, Marks and Spencer And Sainsbury’s. Each reported strong Christmas food sales.

Tesco has raised its year-end profit forecast for the 2026 financial year to £3.1 billion from £2.9 billion ($3.9 billion). Its stock was last seen down 1.6%.

Sainsbury’s reported a 3.4% rise in underlying sales in the third quarter and reiterated its forecast for a profit of more than £1 billion for the full year, roughly in line with its last financial year’s result. Shares in the UK’s second largest supermarket chain were last seen down 5%, sitting near the bottom of the European benchmark and putting it on track for its worst day since December 8.

Elsewhere, European leaders will vote Friday on a trade deal with the South American bloc Mercosur, which has saw strong opposition from farmers and some EU member states, fearing that this could create unfair competition for European agriculture.

Several data are expected today in Europe, notably Germany’s trade balance. Investors might also consider US employment data for December, expected at 8:30 a.m. ET.

Asian defense stocks rose Friday as investors digested ongoing political tensions. U.S. stock futures were mostly flat Thursday evening ahead of the jobs report and a possible U.S. Supreme Court ruling on tariffs.

— CNBC’s Olivia Levieux contributed to this report.