European equities on track for best week in seven months

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October 15 (Reuters) – European stocks were heading for their best weekly performance in seven months on Friday, as investors cheered on strong earnings reports which helped allay concerns about rising inflation.

The pan-European STOXX 600 index rose 0.4% to 0707 GMT, on track to end the week with a gain of 2.3%, helped by a sharp rebound in risk appetite over the past two sessions.

Banks were the biggest winners in Europe after beating quarterly earnings forecasts for four of Wall Street’s biggest lenders on Thursday.

Retailers, oil and gas and travel increased between 0.6% and 1%.

German fashion retailer Hugo Boss climbed 3.8% after raising its outlook for the current year after third-quarter earnings rebounded on strong demand in Europe and the Americas.

Rio Tinto’s UK-listed shares fell 1.3% after the Australian miner cut its forecast for iron ore shipments for 2021, citing a tight labor market, while the Swiss software company Temenos banking fell 14% after the results.

French cloud services company OVHcloud rose 1.8% when it debuted on the Paris stock exchange. (Reporting by Sruthi Shankar in Bangalore; editing by Sriraj Kalluvila)

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