May 26 (Reuters) – European stocks rose on Friday, boosted by the mining and tech sectors, although major benchmarks were on course for steep weekly losses as investor concerns grew over the impasse in the US debt ceiling and the slowing global economy.
The pan-European STOXX 600 index (.STOXX) rose 0.4% at 07:07 GMT, after closing at an eight-week low on Thursday.
Miners (.SXPP) jumped 2.6%, following a rebound in metal prices, as global sentiment improved after progress in US debt ceiling negotiations, while Tech stocks (.SX8P) extended their recent streak of gains.
Also lifting the miners, Rio Tinto (RIO.L) climbed 3.6% after Morgan Stanley upgraded the title from “overweight” to “equal weight”.
Shares of debt-ridden French supermarket company Casino (CASP.PA) fell nearly 9% as it resumed trading after being suspended earlier this week.
The retailer said it was formally entering court-backed negotiations with its creditors, seeking a way out of its financial woes while weighing two merger offers from wealthy investors.
Shares of ProSiebenSat.1 (PSMGn.DE) edged up 0.2% after the German media group confirmed its full-year outlook.
Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-Phillips
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