European stocks positive for second day

On Friday stocks in Europe advanced for a second day as the euro headed for its worst week since March. The dollar extended its rally after the U.S. House passed a resolution that brings tax cuts a step closer and speculation mounted a hawkish candidate may become the next Federal Reserve chair.

Gains in the Stoxx Europe 600 Index were broad-based as the European Central Bank’s slow approach to reducing stimulus encouraged equity bulls. Positive earnings surprises from companies including Volkswagen AG also boosted confidence, though miners underperformed as the greenback’s run to a three-month high hit commodity prices, with iron ore slumping and copper declining.

Meanwhile, Spanish stocks continued to underperform as Europe’s worst constitutional crisis for decades comes to head. Catalan separatists are making a lastditch effort to win concessions from Madrid that would help persuade their increasingly agitated supporters to accept another regional election as lawmakers prepare to vote on a declaration of independence.

Earlier, Japan’s stocks rose, sending the Nikkei 225 Stock Average through 22,000 for the first time since 1996 and ending their seventh week of gains. Technology shares rallied following stellar profit at Amazon.com Inc. and Alphabet Inc. that buoyed Nasdaq 100 futures. Shares also advanced in Hong Kong and Seoul.

The Stoxx Europe 600 Index gained 0.5 percent as of 10:51 a.m. London time, the highest in more than five months. The U.K.’s FTSE 100 Index increased 0.2 percent. Germany’s DAX Index increased 0.6 percent to the highest on record. Futures on the S&P 500 Index rose 0.3 percent.

West Texas Intermediate crude decreased 0.2 percent to $52.56 a barrel. Gold rose 0.1 percent to $1,267.76 an ounce. Copper decreased 1.5 percent to $3.13 a pound, the lowest in more than two weeks.

Japan’s Topix index rose 1 percent at the end of the session in Tokyo. The Nikkei 225 Stock Average added 1.2 percent.