"The data may stink, but who cares? For those with strong stomachs, time to ride that enthusiasm for a while, perhaps; but the entropy of global debt dynamics (or cirrhosis) will ultimately prevail," said Rabobank analyst, Michael Every in a morning note to clients.
The pan-European STOXX 600 closed around 0.3 percent higher Friday, gaining over 4.2 percent on the week, making it the best week European markets since January.
Miners and resources firms rose to the top of benchmarks with miner and commodity trading firm Glencore seeing another day of stellar gains, spiking as much as 14 percent, before closing around 7 percent higher.
The group pledged to slash its zinc production, sending the price of the metal up over 10 percent on the London Metal Exchange.
Commodity stocks also saw solid gains as oil markets rallied, with both Brent Crude and U.S. crude trading over $50 per barrel, extending gains seen earlier in the week and set for the biggest weekly rise in over six years.
Europe has followed the gains seen in the U.S. after investors digested a dovish set of minutes from the Federal Reserve's September meeting, which shed light on its decision to keep interest rates near zero.
The minutes indicated that Fed policymakers were still watching domestic inflation and the impact of slower global growth when considering when to raise interest rates.
"The market has been so macro-driven for some time now, sector correlations are at 96 percent currently in the STOXX 600, unless we get some micro drivers coming through then I think we are going to keep watching these macro drivers and looking at what the Fed is doing," founding partner at Libra Investment Services, Rob McCreery told CNBC.