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European shares rose on Friday as chipmakers lifted markets and signs emerged from Washington that politicians were reaching an agreement on the US debt ceiling.

Europe’s Stoxx 600 added 0.5 percent, France’s CAC 40 added 0.6 percent and London’s FTSE 100 added 0.7 percent.

The moves came a day after Nvidia’s quarterly earnings beat analysts’ expectations, lifting other artificial intelligence-related stocks and helping the tech-heavy Nasdaq Composite rise 1.7 percent. The benchmark S&P 500 rose 0.9 percent.

Meanwhile, US President Joe Biden indicated late Thursday that White House officials were “making progress” in negotiations on the US debt ceiling.

Contracts tracking Wall Street’s benchmark S&P 500 and the tech-heavy Nasdaq 100 were flat ahead of the New York open.

The yield on Treasuries maturing in one month – close to the date when the US government could run out of money – was 5.8 percent on Friday, up from 6.01 percent earlier in the week.

The yield on policy-sensitive two-year bills rose 0.02 percentage point to 4.52 percent. The yield on the benchmark 10-year note was flat at 3.81 percent. Bond yields rise when prices fall.

Read the whole thing A brief description of markets.