European shares set to log weekly gains on earnings boost

European shares climbed on Friday, on track to end a data-packed week on a positive note, as stellar earnings updates and hopes of imminent rate cuts by the European Central Bank lifted investors' appetite for risky assets.

The pan-European STOXX 600 index rose 0.5% to hit a two-year high, led by miners, which jumped 1.7% so far this week. The STOXX index of 50 largest companies hovered around its highest level in 23 years, while a gauge of euro zone blue-chip shares hit an all-time high.