After falling as much as 1.1 percent earlier, the pan-European Stoxx 600 index rose as the session drew to a close, closing 0.1 percent higher, at its highest level in five weeks.
Wall Street indices received a boost from Apple shares, which revealed better than expected results.
The Stoxx 600 index closed little changed on Thursday after the European Central Bank raised interest rates as expected, but said it had already made “substantial” progress in trying to stem the historic rise in inflation.
The German index rose 0.2%, while the French index rose 0.5%.
Despite the economic concerns, the Stoxx 600 index recorded its best weekly performance in seven months, rising 3.7 percent, after sentiment was boosted by expectations of a slower pace of interest rate hikes and better-than-expected earnings reports.
OMV shares jumped 9.3 percent, topping the list of gainers on the index, after the Austrian energy group nearly doubled its core quarterly profit, driven by higher oil and gas prices.
Air France KLM shares fell 13.1 percent after the company cut its forecast for its winter capacity.
Among the major sectors, mining companies took a sharp hit as commodity prices fell amid concerns about China’s expansion of COVID-19-related restrictions.
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