Europe open: Shares rally on upbeat earnings

European stocks opened higher on Friday after travel stocks rallied and investor sentiment was boosted by upbeat earnings reports.

The pan-European Stoxx 600 index rose 0.22% with travel and retail the biggest gainers. All major regional bourses were higher.

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.

UK home repairs and improvements business HomeServe saw its shares rise as the firm backed its full-year guidance on Friday ahead of its annual meeting.

Cartier maker Richemont was up as quarterly constant-currency sales more than doubled, lifted by a strong performance in the Americas from its jewellery brands.

Sweden’s Ericsson slid 9.7% after it reported second-quarter core earnings below market estimates, hit by a decline in sales in mainland China.

Burberry shares fell 3.3% despite the British luxury brand reporting a return to pre-pandemic sales levels.