European shares advance as Nvidia earnings light up global markets

European shares climbed on Thursday as a relief rally swept through global markets after AI bellwether Nvidia reported strong earnings, while investors awaited the release of delayed U.S. jobs data.

The pan-European STOXX 600 SXXP was up 1% at 567.64 points as of 0808 GMT. Bourses in Germany DAX and France PX1 also up more than 1% each.

Nvidia’s NVDA blowout quarterly results and positive outlook came at a crucial time for investors, who have been rattled in recent weeks by fears of a global AI bubble.

Although those concerns still persist, Nvidia’s latest results temporarily eased investor anxiety, with the company’s Frankfurt-listed shares NVDA rising 6.2%.

The European tech index (.SX8P) climbed 1.8%, with Infineon IFX and ASML ASML gaining 2.8% each.

AI equipment makers that have benefited from the technology boom such as Schneider Electric SU and Siemens Energy ENR were up 2% and 4%, respectively.

Later in the day the focus will shift to a long-awaited official U.S. jobs report that could sway expectations regarding the Federal Reserve’s monetary policy verdict next month.

Among others, BNP Paribas BNP gained 5.7% after the French bank raised its CET1 ratio target, a gauge of financial stability, to 13% by 2027.