European shares edged ahead at the open on Friday as strong US corporate earnings overnight helped to drive sentiment.
The pan-European Stoxx 600 index rose 0.34% in early deals with banks, transport and travel stocks making gains.
Wall Street rallied overnight, pushing the S&P 500 to its best day since March, driven by stronger-than-expected earnings Bank of America, Morgan Stanley and Citigroup. This provided a lift for Deutsche Bank, Bank of Ireland and Virgin Money.
Oil majors were up on the back of higher oil prices, with Brent oil trading a touch above $84 from $83.75 on Thursday. BP and Shell rose as a result.
In other equity news, shares in fashion retailer Hugo Boss gained after the company raised its outlook for the current year after third-quarter earnings rebounded on the back of strong demand in Europe and the Americas.
Rio Tinto fell after the Australian miner cut its 2021 iron ore shipments forecast, citing a tight labour market in Western Australia.
Shares in education publisher Pearson fell 12% despite backing full-year forecasts. A rise in sales was dampened by lower US course enrolments due to Covid-19.
Swiss banking software firm Temenos plunged more than 15% to the bottom of the Stoxx after missing thirds quarter revenue estimates.
Finnish retailer Kesko climbed 5% by late morning deals after Inderes raised the stock to ‘accumulate’ from ‘reduce’.
