European stocks rise on strong bank earnings, tech sector gains

European stocks opened higher on Friday amid a state of joy among investors with a group of strong results from French banks, including Société Générale and Credit Agricole, while the technology sector received support thanks to strong results announced by Apple in addition to an unprecedented share buyback.

According to the European STOXX 600 index, it rose 0.2% by 0712 GMT, but it is heading towards a weekly decline, with gains in the banking index making it one of the biggest gainers among sectors.

Société Générale shares jumped 5.5% after a less-than-expected decline in first-quarter net income, while Credit Agricole shares rose 3.7% after a jump of about 55% in first-quarter net profit, exceeding expectations. The French index rose 0.2%.

The technology companies index was the biggest gainer, rising 0.9%, supported by Apple exceeding its second-quarter results and expectations, as well as revealing an unprecedented share buyback program.

Glencore shares fell 1.8% after Reuters reported that the mining company was considering acquiring Anglo American.