Reuters_ European stocks are heading towards their largest weekly gain since August on Friday, as a series of strong earnings reports and signs of stability in global tech stocks contributed to boosting investor sentiment.
The pan-European STOXX 600 index rose 0.3 percent to 641.75 points by 07:08 GMT, hovering near its highest level in more than two weeks. The benchmark index recorded a gain of over one percent since the beginning of the week.
Schneider Electric's stock rose 1.4 percent after the industrial group raised its revenue and core earnings targets for 2026 for the second time.
The industrial goods and services sector rose 0.7 percent, being among the top gainers on the index.
Strong earnings achieved by European companies helped stabilize markets at the end of a volatile week characterized by a sell-off in high-performing tech stocks, amid concerns over Chinese competition and increased debt financing for artificial intelligence infrastructure development.
Chipmaker Aixtron's stock rose 4.8 percent after its third-quarter order intake exceeded estimates and the company reaffirmed its annual guidance.
Investors will closely monitor the Harmonised Index of Consumer Prices (HICP) inflation data for the Eurozone, scheduled for release later today, seeking indicators on whether inflationary pressures stemming from rising oil prices have abated.
