European Shares Rise Supported by Earnings

European shares rose on Friday, boosted by solid earnings results for companies and the prospect of de-escalation of tension between Washington and Moscow over the Ukraine crisis.

The pan-European Stoxx 600 index rose 0.2 percent, as gains in auto and mining stocks outpaced losses in the technology sector.

Renault shares rose 3.6 percent as the French carmaker turned profitable in 2021 and said it intended to return aid provided by the state during the Corona pandemic ahead of schedule.

Finnish pharmaceutical company Orion jumped 23.4 percent, topping the Stoxx 600 index, following positive trial results for a drug it had developed to treat prostate cancer.

Luxury goods group Hermes tumbled 5.8 percent after its sales growth came in slightly less than market expectations in the fourth quarter of the year, and its application of production restrictions made it unable to keep pace with demand for the handbags manufactures.

Shares in Electricité de France (EDF) fell 4.6 percent after announcing a rights issue that it said would raise about 2.5 billion euros ($2.84 billion).