European markets rose Friday as investor confidence was lifted with hopes that Spain will soon seek help to reduce its increasing debt burden.

The French CAC 40 index was up 0.49 percent or 17.19 points to 3527.11.  Shares of Technip SA rose 1.89 percent and those of ArcelorMittal advanced 1.54 percent.

London’s FTSE 100 index rose 0.52 percent or 30.40 points to 5885.04. Shares of Evraz PLC climbed 2.38 percent and those of Kazakhmys PLC gained 1.79 percent.

The German DAX 30 index advanced 0.40 percent or 29.68 points to 7419.17. Shares of Commerzbank AG rose 0.84 percent and shares of Volkswagen AG climbed 0.70 percent.

Spain's IBEX 35 was up 0.69 percent or 55.70 points to 8077.80. Shares of Bankinter SA rose 2.26 percent and those of Acciona SA advanced 2.44 percent.

According to a report by the Financial Times, talks are going on between the European Commission and Spanish government which will produce positive results to put in place measures required to have the bailout. This will in turn make sure that Spain will soon announce its decision to seek help from the newly declared bond-buying program by the European Central Bank.

Market participants expect Spain to ask for a bailout under the enhanced conditions credit line (ECCL), which will trigger the bond purchasing operation by the ECB.

The ECB's recent promise to buy peripheral government bonds without limit has certainly helped boost financial market sentiment. With investors sensing that Spain getting closer to asking for support it is only a matter of time before the ECB will be able to fulfill its promise.

Meanwhile, the euro zone flash Purchasing Managers’ Index (PMI) indices continue to remain low due to the lack of external traction and the strong constraints on the domestic demand. The decline in the headline index from 46.3 in August to 45.9 in September, its lowest level in over three years, was worse than the consensus expectation of an increase to 46.6. On the whole, there is little to alter the view that the euro zone recession looks set to deepen in the latter part of the year.