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European stocks on course for best week in seven months By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO : A graph showing the German share price index DAX can be seen at Frankfurt’s stock exchange on October 12, 2021. REUTERS/Staff

(Reuters) – European stocks are heading for their highest weekly performance since seven months, on Friday. Investors took comfort from positive earnings reports which helped to ease worries about rising inflation.

Pan-European Index rose 0.4% at 0707 GMT. It was expected to close the week with a 2.3% increase, due to an abrupt rebound in risk appetite during the last two sessions.

After Thursday’s forecast beating quarterly results by four Wall Street’s largest lenders, banks were Europe’s top earners.

Retailers, oil & gas and travel rose between 0.6% and 1%.

Hugo Boss in Germany saw 3.8% growth after raising its outlook for next year following strong European and American demand.

Rio Tinto’s shares in the UK (NYSE:) dropped 1.3% following an Australian miner cutting its 2021 ironore shipments estimates. Temenos, a Swiss bank software company, tumbled 14%.

French cloud computing service company OVHcloud saw its Paris stock-market debut rise 1.8%

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