European shares gain as SAP lifts tech stocks; Middle East on watch

European shares rose on Friday after registering their steepest one-day loss in two weeks in the previous session, as investors drew comfort from some corporate earnings and assessed the impact higher oil prices could have on monetary policy. The pan-European STOXX 600 index edged 0.6% higher to 644.67, rising for the ‌second straight week. Germany's ⁠DAX rose ⁠as SAP gained 10% after the software group reported second-quarter current cloud backlog growth ahead of analyst expectations. The broader technology index added 1.7%, reclaiming some lost ground after quarterly updates from STMicroelec.