European stocks gain as Schneider lifts sentiment; inflation data awaited

Oct 16 (Reuters) - European shares were on track for their biggest weekly gain since August on Friday, as a batch of strong earnings reports and signs of stability in battered global technology stocks bolstered investor sentiment.

The pan-European STOXX 600 index .STOXX rose 0.3% to 641.75 points by 0708 GMT, hovering near its highest level in more than two weeks. The benchmark was up more than 1% for the week.

Schneider Electric SCHN.PA rose 1.4% after the industrial group raised its 2026 core profit and revenue targets for the second time.

Industrials .SXNP gained 0.7% and were among the top gainers on the index.

Robust earnings from European firms helped steady markets at the end of a volatile week marked by a selloff in high-flying tech names on concerns over Chinese competition and increased debt funding to develop AI infrastructure.

Chipmaker Aixtron AIXGn.DE advanced 4.8% after beating order intake estimates for the third quarter and confirming annual guidance.

Investors will closely scrutinise eurozone HICP inflation figures, due later in the day, for clues on whether inflation pressures stemming from elevated oil prices have eased.