European stocks gain on strong tech earnings

European stocks rose on Friday and appeared to be on track to end the week on the rise, driven by strong business results for major technology companies in the United States, and ThyssenKrupp shares are heading to record their best daily performance in 18 months.

According to Reuters, the European Stoxx 600 index rose 0.5% by 0717 GMT.

The index is on its way to recording a weekly increase of 1.2%, which may end a series of weekly losses that lasted 3 weeks.

The technology sector led most of the gains on the index, as investors received reassuring indicators from the quarterly business results announced by Microsoft and Alphabet.

German ThyssenKrupp shares jumped 8.8% and topped the index after the company said it would sell a 20% stake in the steel unit to an energy holding company controlled by Czech billionaire Daniil Kretinski.

Amundi shares, the largest fund management company in Europe, rose 7 percent after it reported strong inflows in the first quarter thanks to joint ventures in Asia.