Some welcome calm for stocks

There isn't a huge amount of news going on under the surface either, perhaps the most notable mover is Novo Nordisk NOVOb.CO down 2.8%, after a downgrade by Morgan Stanley.

Software stocks are also a bit weak, while banks, an investor darling, are among the winners. The sector index is up nearly 1%. .SX7P

European shares are cautiously higher in the first hour of trading, helped by a dip in oil and gas prices, but the story of the week so far remains higher energy prices, higher bond yields and lower shares.

The broad STOXX 600 .STOXX is up 0.2%, though still down nearly 2% on the week.