Europe Stocks Rise for Second Day after China Data

European stock markets moved cautiously higher on Friday, taking inspiration from an upbeat trading session in Asia on data showing consumer prices in China rose at a slower-than-expected rate in July.

The Stoxx Europe 600 index XX:SXXP -0.02%  added 0.1% to 304.46, building on a 0.5% gain from Thursday.

Shares of Royal KPN NV NL:KPN +16.60%  climbed 17% to 2.34 euros after Mexican telecom firm America Movil SAB de CV MX:AMXL +1.95%  said it plans to make an offer for the Dutch firm at €2.40 a share ($3.21).

Shares of Novozymes AS DK:NZYMB +1.78%  lifted after the industrial enzymes producer reported a 13% rise in second-quarter profit.

More broadly, markets tracked gains in Asia, where Hong Kong stocks climbed after data showed July consumer prices in China rose 2.7%. The number matched the rate in June but was slightly weaker than expectations. Additionally, Chinese industrial production grew at the fastest pace since February, rising 9.7% from a year earlier.

Mining firms, which tend to rise on encouraging data from China, posted some of the biggest gains in Friday’s trade.

Shares of BHP Billiton PLC UK:BLT +1.08%   BHP +4.62%   AU:BHP +1.78%  added 2%, Rio Tinto PLC UK:RIO +1.53%   RIO +3.33%   AU:RIO +1.29%  also picked up 2% and Anglo American PLC UK:AAL +1.48%  gained 2.5%.

The gains for the miners helped lift the FTSE 100 index UK:UKX +0.09%  0.3% to 6,548.58.

Among other country-specific indexes, Germany’s DAX 30 index DX:DAX -0.25%  rose 0.1% to 8,322.85, while France’s CAC 40 index FR:PX1 -0.29%  slipped 0.2% to 4,056.25.

Shares of Total SA FR:FP -0.76%   TOT +0.47% , off 0.7%, weighed on the French index.

Source: Marketwatch