(Reuters.) European shares were higher Friday due to optimism about an economic recovery from China, but a gauge for regional shares finished the week lower because of recession fears.

Gains were led by miners and energy stocks, which lifted the pan-European Index up 0.8%. The weekly loss would have been below 1%, marking the fifth consecutive weekly decrease.

Although retail sales in Britain increased unexpectedly in April according to data, the outlook for consumer spending remains bleak. Due to rising energy prices and the Ukraine conflict, separate data revealed a record increase in German producer price last month.

China provided some hope with its latest decision to reduce the five-year prime rate of its loan by more than expected 15 basis points. This move boosted recovery expectations. However, news of additional COVID-19 cases didn’t help to curb sentiment.

Richemont’s luxury stocks fell 10.5% after Richemont said that discussions regarding its partnership with “Luxury Retail” are still ongoing.

However, strong American demand has boosted Richemont’s net profit and sales over the past 12 months.