Europe close: Stocks mostly higher following US infrastructure deal

European shares were mostly higher on Friday as investors cheered a deal on Capitol Hill on President Joe Biden's proposed infrastructure spending package.

The pan-European Stoxx 600 edged up 0.13% to 457.63, alongside a 0.12% rise for the German Dax to 15,607.97.

Britain’s FTSE 100 outperformed alongside with a 0.37% rise to 7,136,07.

“The $1.2trn infrastructure deal approved by the president will provide a boost to roads, bridges, broadband, passenger and freight services,” said Interactive Investor analyst Richard Hunter.

“Quite apart from the further injection into revitalising the economy, the amount is less than the $3trn which had been sought by the President, thus having lower tax implications than had been thought to pay for it.”

In equity markets, JD Sports, Adidas and Puma shares were all higher following well-received fourth-quarter results from Nike in the US.

Irish building materials group CRH and equipment rental firm Ashtead, both of which do business in the US, rallied on news of the infrastructure deal.

Credit Suisse rose after a report it was considering a potential merger with UBS.

British subprime lender Amigo surged 7.55% after saying it had secured a three-month extension to a funding line as it scrambles to secure its future after a court rejected a rescue plan for the firm last month.