European stocks rise on strong results from major technology companies

European stocks rallied on Friday, poised to conclude the week with gains, buoyed by robust earnings from major US technology firms, while ThyssenKrupp shares surged to their highest daily performance in 18 months.

The European STOXX 600 index kicked off the session with a 0.5 percent uptick by 0717 GMT. The index is on track to notch a weekly uptick of 1.2 percent, potentially breaking a streak of three consecutive weeks of losses.

Driving the gains on the index was the technology sector, fueled by encouraging quarterly earnings reports from Microsoft and Alphabet, which provided investors with a sense of reassurance.

German conglomerate ThyssenKrupp saw its shares soar by 8.8 percent, topping the index, following its announcement of a deal to sell a 20 percent stake in its steel unit to an energy holding company led by Czech billionaire Daniil Kretinski.

Shares of Amundi, Europe’s largest asset management firm, climbed 7 percent after it reported robust inflows in the first quarter, attributed to successful joint ventures in Asia.

However, Airbus delivered less-than-expected operating profits and cash flows for the first quarter while expanding its workforce in anticipation of rising demand, which weighed on the company’s stock. Airbus shares dipped 2.6 percent, landing at the bottom of the French main index.