(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window) May 14 (Reuters) - European shares rose on Friday, as investors picked up beaten down stocks after rising inflation worries led to sharp losses earlier this week. The pan-European STOXX 600 index rose 0.6% by 0718 GMT, with travel and leisure and retail stocks leading the gains. The benchmark was still on course for a 1% weekly drop, its worst since late February. Global markets were rattled this week after a rally in commodity prices as well as quickening U.S. inflation raised fears about interest rate hikes. Italy’s Banco BPM rose 2.2% After Deutsche Bank upgraded the stock to “buy”, saying the lender’s “speculative appeal” could increase in the next few months. French food group Danone slipped 1.8% after Goldman Sachs downgraded the stock to “sell”, saying weaker demographic trends, particularly in China, will weigh on its specialised nutrition business. (Reporting by Sruthi Shankar in Bengaluru; Editing by Rashmi Aich) Our Standards: The Thomson Reuters Trust Principles.