European shares climb on tech cheer; Thyssenkrupp shimmers
The pan-European STOXX 600 index started the session with a 0.5% increase by 0717 GMT. The benchmark index was on course to mark a weekly gain of 1.2%, snapping a three-week losing streak.
The technology sector drove most of the gains on the top index as investors took comfort from upbeat quarterly results from U.S. technology giants Microsoft and Alphabet.
Thyssenkrupp surged 8.8% to the top of the main index after the German firm said it will sell a 20% stake in its steel business to the energy holding controlled by Czech billionaire Daniel Kretinsky.
On the earnings front, Amundi added 7% after Europe’s biggest fund manager posted upbeat first-quarter inflows thanks to its joint ventures in Asia and as continued appetite for risk-averse products underpinned growth of assets under management.
Offsetting the optimism, Airbus posted weaker-than-expected first-quarter operating profit and cashflow as it hired more staff to prepare for rising demand, sending shares of the planemaker down 2.6% to the bottom of France’s benchmark index.
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