Feb 24 (Reuters) - European shares rose on Friday, lifted by upbeat earnings from French giant Saint-Gobain and Sweden's Elekta, even as traders worldwide were on tenterhooks ahead of U.S. inflation data that should also give clues on the country's future policy path.
The STOXX 600 index (.STOXX) climbed 0.4%, tracking strength in Asian peers after the Bank of Japan's ruling out an early end to super-easy monetary policy pushed bond yields lower globally.
Compagnie de Saint-Gobain (SGOB.PA) gained 5.6%, pushing the European construction and materials index (.SXOP) up 1% after the construction materials company posted record annual revenue that exceeded analysts' expectations on strong growth in all its regions on Thursday.
Radiation therapy equipment Elekta (EKTAb.ST) jumped 8.7% to the top of the STOXX 600 after its third-quarter earnings beat expectations.
Data from Germany showed that Europe's biggest economy contracted in the fourth quarter of 2022 as inflation and an energy crisis took a toll on household consumption and capital investment.
Still, a GfK institute survey signalled that German consumer sentiment is set to improve for a fifth consecutive month in March as energy prices drop.
"Every day, there seems to be just enough contradictory economic data to keep us all guessing about exactly which box those central bankers will check when it comes to their next rates meeting," said Danni Hewson, head of financial analysis at AJ Bell.
Market focus is also on U.S. consumer spending data due later in the day.
U.S. economic print on Thursday showed that new claims for unemployment benefits unexpectedly fell last week, pointing to a persistently tight labor market and also validated the Federal Reserve's tight monetary policy stance.
Global equity markets have been whipsawed by updates on central banks' policies, particularly from the U.S. Fed, which released minutes from its latest meeting earlier in the week along with hawkish comments from policymakers.
The STOXX 600 is set to end the week flat, posting subtle gains in three sessions of five. But since the year has started, European shares have outpaced their U.S. counterparts on a boost from improving economic climate, better weather conditions and China's reopening.
German chemicals giant BASF SE (BASFn.DE) fell 5.9% to the bottom of the STOXX 600 as it flagged a decline in annual earnings and said it plans to cut 2,600 jobs and halt buybacks.
The European energy sector index (.SXEP) rose 0.9%, tracking a rise in oil prices, while travel & leisure stocks (.SXTP) fell 0.2%, dragged down by British Airways-owner IAG (ICAG.L).
IAG agreed to pay 400 million euros ($423.84 million) to Spain's Globalia for the remaining 80% of Spain-based Air Europa it did not already own, and predicted its first annual profit since the pandemic. Its shares fell 3.4%.
