European shares rise, supported by hopes of an economic recovery in China

European shares rose at the open on Friday, boosted by hopes of an economic recovery in China boosted by the central bank’s announcement of more stimulus, but the region’s stock index headed towards ending the week lower on recession fears.

The mining and energy sectors led the gains and pushed the pan-European Stoxx 600 index up 0.8 percent. This reduced weekly losses to less than one percent, in what would become the fifth weekly decline in six.

Data revealed that British retail sales unexpectedly jumped in April, but expectations for consumer spending remained strongly low.

Luxury goods stocks fell, with Richemont plummeting 10.5 percent.

But the company said strong US demand for its jewelry and watches boosted the company’s net profit and sales in the 12 months to March.