European shares rise as travel stocks rebound

Sweden's Ericsson slid 9.4% after it reported second-quarter core earnings below market estimates, hit by a decline in sales in mainland China. UK's FTSE 100 and midcap stocks gained 0.5% each after a sharp losses earlier this week, with more pandemic restrictions set to be lifted on Monday.

European stocks rose on Friday after travel stocks rebounded from sharp losses posted earlier this week, while a batch of upbeat earnings reports overshadowed concerns about rising cases of Delta variant in the continent.

The pan-European STOXX 600 index rose 0.3% by 0722 GMT, putting it on course end the week flat to slightly lower. Travel and retail were the top gainers among sectors. Among earnings, Swedbank rose 3.4% after it reported a better-than-expected profit amid a booming mortgage market and record levels of commission income.

Cartier maker Richemont was up 1% as quarterly constant-currency sales more than doubled, lifted by a strong performance in the Americas from its jewelry brands. Sweden's Ericsson slid 9.4% after it reported second-quarter core earnings below market estimates, hit by a decline in sales in mainland China.

UK's FTSE 100 and midcap stocks gained 0.5% each after sharp losses earlier this week, with more pandemic restrictions set to be lifted on Monday.