Europe shares up for 5th week on economic optimism

European shares notched up a fifth straight week of gains, as the outlook for the global economy improved and on optimism Greece would avoid a messy default, though Novartis led a slight reversal on Friday amid doubts about a key drug.

The pan-European FTSEurofirst 300 index of top shares fell 0.3 percent to a provisional close of 1,043.41 points. Over the week, the index rose 2.5 percent, its fifth straight week of gains.

Economic data has boosted investor confidence in the early part of 2012.

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