European shares set for best weekly performance since November 2020

European shares rose on Friday, extending the strong gains recorded this week, with investors focused on the Russian-Ukrainian peace talks that seem to have made no progress so far.

The pan-European Stoxx 600 index rose 0.2 percent by 0814 GMT and was on track for its best weekly performance since November 2020.

Retail stocks gained the biggest, rising 1%, while oil stocks gained 0.5% as oil prices topped $107 a barrel.

US President Joe Biden is expected to warn Beijing that it will pay a price if it backs Russia’s war efforts, when he speaks with his Chinese counterpart Xi Jinping in a phone call at 1300 GMT.

Britain’s Vodafone rose 1.3 percent after Reuters reported that global infrastructure funds had approached the telecom giant to invest $16 billion in its Vantage Towers unit.

German property firm Fonovia rose 1.1 percent after it said it was on track to achieve “strong growth” after a record year and the acquisition of smaller rival Deutsche Wohnen.