European shares set to end a bumpy week with gains

European shares rose on Friday and were set to end a volatile week higher as investors bought stocks hammered by fears around the Omicron variant, although gains were largely muted ahead of the U.S. monthly jobs data.

The pan-European STOXX 600 climbed 0.5% as of 0821 GMT after swinging between losses and gains all through the week on worries over the potential impact of the newly detected coronavirus variant on global economic recovery.

Travel stocks led sectoral gains, rising 2.3% in early trading despite fresh curbs in Germany, Netherlands and elsewhere to prevent the spread of the new variant.

Oil stocks advanced 1%, tracking crude prices after OPEC+ said it would review supply additions ahead of its next meeting if Omicron dents demand.

Among individual stocks, German insurer Allianz (DE:ALVG) jumped 1.6% after raising its mid-term targets and announcing a new dividend policy.

Europe’s largest copper producer Aurubis AG edged up 6.2% after beating its guidance and reporting a 60% leap in operating earnings.