European stocks rebounded on Friday as oil prices picked up and weak German data suggested the Eurozone's central bank may dig even deeper to spur growth.

The FTSE 100 was recently up 1.37% at 6,136.43 as mining stocks led by Anglo American lurched higher after steep declines on Thursday. In Frankfurt, the Dax climbed 0.96% to 9,890.17 and in Paris the Cac 40 rose 1.28% to 4,337.25.

West Texas crude was up 0.60% at $48.45 and S&P 500 mini futures were recently trading 0.25% higher.

German producer price data showed prices fell a steeper-than-expected 3.1% in April, continuing a near-three-year downward spiral. Consensus expectations had pointed to a 3% decline. The data followed news on Wednesday that the Eurozone had fallen back into deflation in April.

Later today G7 leaders will gather in Sendai, Japan for a two-day meeting.

In Zurich, Cartier maker Richemont (CFRUY)   was recently down only marginally after plunging in early trading after predicting no near-term improvement in the environment for luxury goods maker. It said operating profit in the year ended March came in down 23%,  below consensus expectations. Discouragingly, it also reported a double digit declines in April sales and said the Middle East and Africa was the only region to have posted growth last month. However, it also announced action on costs and store closures.

Luxury goods rivals held their own on Friday morning, with Burberry (BURBY) , LVMH  (LVMUY) and Hermès all trading higher.

In London, betting company Ladbrokes was up well over 7% after the U.K.'s antitrust regulator indicated it will probably clear its union with the betting shops of Gala Coral Group after up to 400 store disposals.

Concessions company Eiffage was down more than 2% in Paris after BpiFrance arranged to sell a 6.8% stake.

Asian stocks also rose on Friday.

In Tokyo, the Nikkei 225 closed up 0.54% at 16,736.35 and the Topix rose 0.51% to 1,343.40 as the yen weakened, helping exporters.

In Hong Kong, the Hang Seng closed up 1.21% at 19,917.46. On mainland China, the CSI 300 composite index closed up 0.51% at 3,078.22.

In Sydney, Oil Search slipped 1.2%. The company and Total together agreed to a breakup bid for InterOil (IOC)  worth $2.2 billion to gain Papua New Guinea assets.