Europe midday: Shares hold gains at end of busy week; FTSE hits new heights

European shares were higher on Friday as strong earnings from tech giants Google and Microsoft overnight boosted sentiment, while Anglo American rebuffed BHP’s mega £31bn offer as “opportunistic”.

The pan-European Stoxx 600 index was up 0.60% at 505.42 in early trade. London’s FTSE powered to a new record intra-day high of 8135 before dropping back to 8106.

“The FTSE 100 has reached yet another untouched summit, as investors remain in a positive mood. There has been a flurry of strong results from big hitters like Barclays and AstraZeneca on Thursday, which has helped carry the FTSE to these new highs. The market’s also reacting to the news that consumer confidence has improved slightly, according to data from GfK," said Hargreaves Lansdown analyst Sophie Lund-Yates.

Microsoft and Google-parent Alphabet beat forecasts, reversing the gloom after Facebook-parent Meta's outlook disappointed investors a day earlier.

In economic news, the Bank of Japan kept interest rates unchanged, sending the yen to a 34-year low past 156 to the dollar.

In equity news, Anglo American rejected BHP's £31.1bn takeover offer, saying the bid "significantly undervalued" the miner and its future prospects.

Thyssenkrupp gained after the German firm said it would sell a 20% stake in its steel business to the energy holding controlled by Czech billionaire Daniel Kretinsky.

Finland's Wartsila gained after the marine technology company reported higher first-quarter profits.

Delivery Hero fell 10% after strong gains on Thursday in response to a lift in full-year guidance.

Reporting by Frank Prenesti for Sharecast.com