European stocks just came booming back from Thursday's sell-off

After a miserable Thursday, European markets have come bounding back on Friday.

Volkswagen is still dominating headlines, with the world waiting for an announcement of the company's new CEO.

As of 4:30 London time, we don't have that news - but it seems extremely likely that Porsche CEO Matthias Muller is going to get the job.

BMW shares bounced back, surging up by 5% just after the open and staying just below that level for most of the day.

The UK's FTSE 100 jumped, rising by 2.55%

ARM Holdings had an excellent day, ending up over 6% as the FTSE's best-performing company. Commodities-heavy firms had the worst day again, with Glencore falling by more than 1.5%, followed by other commodities-heavy firms like Antofagasta, Fresnillo and Anglo American.

Here's how things look in the other major European markets:

• Germany's DAX: +2.75%
• France's CAC 40: +3.04%
• Italy's FTSE MIB: +3.42%
• Spain's Ibex: +2.42%