On Friday European stocks rose, sending the Stoxx Europe 600 Index heading for its best weekly performance since September. Asian shares and US futures also gained.

SAP AG, the world’s largest maker of business-management software, climbed after better-than-expected forecasts from Oracle Corp. and Accenture Plc. Cie. de Saint-Gobain SA led construction stocks higher following gains made by the industry in Asia.

European shares climbed to two-week highs as stronger tech shares on Oracle's upbeat view on spending lent support, though persistent worries about the euro zone debt situation limited gains.

The FTSEurofirst 300 index of top European shares was 0.4% higher at 1,127.85 points, the highest since March 11, when a massive earthquake and tsunami hit Japan. The index rose 1% on Thursday.

Technology shares gained as Oracle forecast a 4 to 14% rise in sales of new software this quarter, fuelling hopes a global resurgence in technology spending remains intact.

Experts said equities had potential to gain further in the long term as fundamentals were improving and shares were better alternatives. The market’s recent correction has dragged European stocks’ valuations to three-month lows.

Standard & Poor's downgrade of Portugal’s credit ratings by two notches to BBB hurt sentiment. The rating agency also warned it could cut it again as early as next week depending on the final shape of the euro zone bailout fund.

European leaders agreed to raise their financial rescue fund to the full €440 billion by June, but avoided discussion of Portugal which is under pressure to seek a bailout following the resignation of its prime minister.

Japanese stocks rose, driving the Topix index to its biggest weekly gain since July, on the outlook for orders to rebuild following the country’s worst earthquake, and after a US report showed falling unemployment claims.

This article was compiled by Valletta Fund Management Limited, a member of the BOV Group. Valletta Fund Management,

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