European shares extended gains on Friday, supported by healthcare stocks, and were on track to end the week in positive territory as benign headlines about a US-China temporary truce sparked risk-on sentiment.
The region-wide STOXX 600 index rose 0.4% by 0710 GMT, set for its fifth consecutive weekly advance.
Other local bourses also traded in the green at open, with Germany’s hovering near a record high.
The heavyweight healthcare sub-index led gains with a 1.4% rise, boosted by Novo Nordisk and Novartis.
The region was closely monitoring developments from the Russia-Ukraine peace talks, a day after Russian President Vladimir Putin declined to meet face-to-face with Ukraine’s Volodymyr Zelenskiyy.
According to Vladimir Medinsky, the head of the Russian delegation, talks between the representatives of the two warring countries are scheduled for the day.
Investors awaited euro zone trade balance figures for March as well as Italy’s inflation rate, due later in the day.
European shares pull back after rally
Among individual stocks, reinsurance company Swiss Re fell 1.2%.
The company posted claims of $570 million from deadly wildfires in Los Angeles earlier this year.
Luxury group Richemont reported a slightly stronger-than-forecast 7% rise in quarterly sales, taking its shares 4% higher in early trading.
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