(Reuters) – European stocks inched higher on Friday, supported by strong corporate earnings and the likelihood of a de-escalation in tensions between Washington and Moscow on their standoff over Ukraine.
The pan-European STOXX 600 index rose 0.2% by 0820 GMT, with gains in automakers and miners offsetting losses in technology stocks.
U.S. and European stock futures bounced back while selling pressure on Asian shares eased after the U.S. Secretary of State agreed to a meeting with Russia’s foreign minister, raising hopes of a diplomatic solution.
Renault jumped 3.6% as the French carmaker swung to profit in 2021 and said it plans to repay the state aid received during the coronavirus pandemic ahead of schedule.
Finnish drug manufacturer Orion jumped 23.4% to the top of STOXX 600 following positive trial results for its prostrate cancer treatment.
Among weak spots, luxury group Hermes fell 5.8% after its fourth-quarter sales grew a touch below market expectations and self-imposed production caps meant the group could not keep up with demand for its handbags.
Power utility EDF slipped 4.6% after announcing rights issue which it said will raise an approximate total of 2.5 billion euros ($2.84 billion).
($1 = 0.8794 euros)
(Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-Phillips)
