European stocks rose on Friday, within recovery attempts from a 4-week low, lifted by upbeat earnings reports by major companies in Europe, but still on the cusp of the second straight weekly loss.

The Stoxx Europe 600 index rose 0.3% as of 10:35 GMT, after it lost 2.2% yesterday and hit a 4-week low of 356.52 points.

The Index opened higher, to rebound from a 4-week low, with most of the major European markets and sectors seeing green today.

The tech sector sector saw the largest gains in Europe today, rising more than 1.5%, thanks to Nokia's business results.

Nokia stocks jumped more than 10%, after the company revealed better second quarter earnings than analysts anticipated, and the company's CEO said that there are concrete mid-term opportunities due to geopolitical trends.

European stocks lost around 1.5% so far during this week, to head for the second straight weekly loss.

S&P 500 futures fell 0.25%, after the index closed lower by 0.4% yesterday due to weak economic data in the US.

Back to Europe, the Euro Stoxx 50 index added 0.4%, France's CAC 40 rose 0.2%, Germany's DAX added 0.5%, and the UK's FTSE 100 rose 0.1%. 

Oil prices rose on Friday, to recoup some of yesterday's losses, after the US crude fell below the $40 barrier for the first time in 3 weeks.

Oil rebounded today from the weak US economic data that was released yesterday and showed the US GDP contracted 32.9% in the second quarter.

Baker Hughes will reveal later today the US oil drilling rigs count for this week.

The dollar index fell against a basket of currencies by 0.1% to 93.1 points as of 14:02 GMT, after hitting a high of 93.2 and a low of 92.2.

As of 13:57 GMT, West Texas Intermediate crude rose 0.6% to $40.1 a barrel, after it hit an intraday high of $40.5 and a low of $39.9.

Brent rose 0.8% to $43.2 a barrel, with a high of $43.4 and a low of $43.05.

The US dollar fell on Friday, deepening its losses for the third day, and hit a 26-month low, to head for the largest monthly loss in ten years, after US President Donald Trump raised the possibility of delaying general election from November, and ahead of key data on consumer spending.

The dollar index fell 0.3% to the lowest since May 2018 at 92.55 points, after opening at 92.82, and hit an intraday high of 92.85.

The index lost 0.3% yesterday, after the release of weak economic data that showed a worst downturn in the US history during the second quarter..

US President Donald Trump raised the possibility of delaying general election from November, to allow the American people to vote in a safe manner, which sparked a lot of criticism.

The US dollar index has lost 5% so far during July, to head for the third monthly loss in a row, and the largest since September 2010.

This came due to high risks in most global markets, chief among those are doubts about the US economy ability to recover fast from the coronavirus impact, and Federal Reserve's statements of continued economic support to address the worst crisis since the 1930s Great Depression.

The US Federal Reserve voted on Wednesday to maintain rates near zero while asserting its readiness to use all available tools to bolster the economy against the pandemic.

The Fed pledged after to continue its bond purchases and lending programs, adding that the economy is still behind its pre-pandemic levels, and a full recovery will depend on containing the virus..

Investors are anticipating key US data on consumer spending during June, which accounts for more than 70% of the US GDP.

At 13:15 GMT, the US economy will release the personal spending monthly reading, with forecasts to rise by 5.3% in June vs. 8.2% in May, and the personal income index is expected to drop by 0.8% vs. -4.2% in May.

Gold prices jumped to a new record on Friday, to resume gains after taking a breather yesterday, as the US dollar fell against a basket of currencies, while heading for the best monthly performance since 2011, on strong safe-haven demand.

Gold prices rose 1.4% to the all-time high of $1,982.83 an ounce, after opening at $1,955.77, with a session-low of $1,955.07.

Gold lost 0.8% yesterday, posting its first daily loss in 10 days, and ended the longest winning streak since December 2019 on profit-taking.

The dollar index fell 0.2% today, to extend its losses for the third day, and hit a 2-year low of 92.55 points, which comes in favor of gold and other dollar-denominated metals prices.

This drop in the US dollar came after US President Donald Trump raised the possibility of delaying general election from November.

Gold prices have gained 11% so far during July, to head for the fourth straight monthly gain, and the largest since March August 2011, thanks to strong safe haven demand.

This came due to high risks in most global markets, chief among those are the geopolitical tensions between the US and China, and gloomy inflation prospects due to the massive stimulus plans by most global central banks to address the coronavirus impact.

Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at the highest level since May 2013 of 1,241.96 metric tonnes.