LONDON (ShareCast) - European shares look set to end the week on a positive note and are adding to yesterday's gains after the open on Friday.
Investors are optimistic after more positive earnings news in the US. Internet search giant Google
(NASDAQ: GOOG - news) posted a rise in revenues and profits in the third quarter and said it was confident of further growth having seemingly weathered the worst of the downturn.
Computer giant IBM (NYSE: IBM - news) met forecasts for third quarter earnings and also raised estimates for the fourth, though investors still knocked the share price lower in after hours trading.
Across the markets, the German DAX is up 34 points at 5,864 with the French CAC rising 13 points to 3,897. The Swiss market is 40 points higher at 6,401.
Energy shares are going well as oil prices jumped to their highest in a year after a US government report revealed an unexpected fall in gasoline stockpiles.
It emerged that refineries had slashed production to levels not seen in more than a year, which was enough to send US light crude for November delivery up $2.40 to $77.58 a barrel on Thursday.
Royal Dutch Shell (Amsterdam: RDSA.AS - news) , Eni (Milan: ENI.MI - news) and Total are among the risers.
Elsewhere, German carmaker Volkswagen (Xetra: 766400 - news) said it may raise more cash from its shareholders to secure its merger with Porsche (Xetra: POR3.DE - news) .
'This would allow the Volkswagen Group to maintain its medium-term financial flexibility while at the same time safeguarding its good rating over the long term,' it said.
CAC 40 (Paris: news) - Risers
Technip (TEC (A067950.KQ - news) ) € 47.98 +2.14%
Total (FP) € 42.76 +2.14%
Vallourec (VK) € 124.90 +1.92%
Cap Gemini (Paris: FR0000125338 - news) (CAP) € 36.40 +1.89%
Michelin (Paris: FR0000121261 - news) (ML) € 57.85 +1.67%
Peugeot (Paris: FR0000121501 - news) (UG) € 24.04 +1.41%
Renault (RNO) € 36.60 +1.41%
Schneider Electric (Paris: FR0000121972 - news) (SU) € 77.11 +1.34%
Suez Environnement Company (SEV) € 15.50 +1.31%
LVMH (MC) € 74.26 +1.23%
CAC 40 - Fallers
Sanofi (Paris: FR0000120578 - news) -Aventis (SAN) € 51.81 -3.29%
Pernod Ricard (Paris: FR0000120693 - news) (RI) € 54.10 -0.82%
ST Microelectronics (Paris: NL0000226223 - news) (STM) € 6.65 -0.70%
Saint Gobain (Paris: FR0000125007 - news) (SGO) € 39.35 -0.64%
France Telecom (Paris: FR0000133308 - news) (FTE) € 17.55 -0.54%
Carrefour (CA) € 31.08 -0.35%
AXA (CS) € 19.68 -0.15%