Oil Stocks Boost European Shares

European shares rose slightly on Friday as oil inventories rose but persistent concerns about inflation and an impending interest rate hike by the European Central Bank.

The pan-European Stoxx 600 index rose 0.4 percent, after falling nearly 2 percent in the previous session. Oil inventories led the gains, adding 1.4 percent to the index after crude oil prices rose as cold weather swept large swathes of the United States, threatening to further disrupt oil supplies.

The euro headed for its best week since March 2020 after the European Central Bank acknowledged rising inflation risks and left the door open for interest rate hikes this year.

Shares of Intesa Sanpaolo, Italy’s largest bank, rose 0.7 percent after it announced a 2021 net profit of 4.2 billion euros ($4.8 billion) and said it would buy back 3.4 billion euros of shares in addition to a cash dividend of 2.9 billion euros on the results. 2021.

Shares of Sanofi rose 1.8 percent after the French drugmaker reported strong quarterly results and said it still expects a COVID-19 vaccine to be approved in the first quarter and help drive profit growth this year.