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STOXX 600 up 0.3%

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UMG rises after Q1 results above expectations, new TikTok

deal

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Glencore ( GLCNF ) studying an approach for Anglo American - sources

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Daimler Truck falls after flagging rising headwinds in

Europe

(Updated at 0843 GMT)

By Ankika Biswas

May 3 (Reuters) - European shares rose on Friday as

investors cheered earnings from French banks Societe Generale

and Credit Agricole, while the technology sector got a boost

from Apple's ( AAPL ) upbeat results and a record share buyback.

The pan-European STOXX 600 index rose 0.3% by 0830

GMT. However, it was set for a weekly decline, as investors

navigated the earnings season in full drive and the European

Central Bank's policy outlook beyond June.

Investors await the euro zone's unemployment rate and the

U.S. non-farms payrolls data during the day for clues on the

timing of commencement of rate cuts.

"The economic environment's picking up a bit in the euro

zone, but not massively... they are going to be cutting rates

more than the state, but not half as much as people thought a

few months ago," said Rupert Thompson, chief economist at

Kingswood Group.

ECB policymaker Yannis Stournaras indicated three rate cuts

this year as stronger-than-expected economic growth supports

inflation, while chief economist Philip Lane noted the central

bank should accumulate data before each cut.

Societe Generale jumped 4.6% following a

lower-than-expected fall in first-quarter net income, while

Credit Agricole SA climbed 3.4% after a

forecast-beating 55% jump in first-quarter net profit.

Gains in the French banks pulled the country's benchmark

index 0.5% higher and the region's banks index

up 0.6%.

The technology sector gained 1.2%, boosted by Apple ( AAPL )

beating modest expectations for second-quarter results

and forecast, and unveiling a record share buyback program.

Media was the top sectoral gainer, as Universal

Music Group rose 1.9% after reporting a first-quarter

earnings beat and signed a new deal with TikTok.

Glencore ( GLCNF ) fell 1.5% after Reuters reported the

commodities group is studying an approach for Anglo American

, sending its shares up 3.2%.

German consumer goods company Henkel jumped 4.5%

after slightly raising its 2024 guidance, while Aurubis

slumped 12% after UBS downgraded the largest European

refined copper producer to "sell" from "buy".

German truck maker Daimler Truck dropped 5.4%

after warning of rising headwinds in the European market,

casting shadow over first-quarter profit beat.

Novo Nordisk fell for the second session, down

4.1%, as competition from rival Eli Lilly forced the Danish

drugmaker to cut prices of its blockbuster obesity drug Wegovy.

Of the STOXX 600 companies to have reported earnings to

date, 58.8% have exceeded estimates, compared with a long-term

average of 54% as per LSEG data released on Tuesday.

(Reporting by Ankika Biswas in Bengaluru; Editing by Mrigank

Dhaniwala and Varun H K)