European shares shrug off early-week slump to extend gains

European shares rose on Friday, heading for a fourth straight session of gains and recouping almost all of the losses they suffered at the start of the week when fears of a possible recession in the United States sparked a global sell-off.

The pan-European STOXX 600 index was up 0.3% by 0708 GMT after an overnight U.S. jobs report helped ease investor concerns about the state of the world’s largest economy.

The four-session rally, last seen about three months ago, trimmed the European index’s weekly loss to a marginal 0.02%.

The basic resources index rose 1.4% on the day as base metals prices rebounded on U.S. data.

U.S. jobless claims fell more than expected last week, data showed overnight, suggesting fears of a labor market collapse were overblown.