European Stocks Climb After China GDP Data
• European stock markets climbed on Monday, with banks and resource firms in the lead, after growth data from China met analysts’ expectations and fueled investor optimism.
The Stoxx Europe 600 index gained 0.7% to 298.16, after closing out Friday with a 2.7% weekly gain.
Shares of Skandinaviska Enskilda Banken AB added 4.1% after the bank reported a stronger-than-expected rise in second-quarter profit.
French supermarket retailer Carrefour SA picked up 2.1% after analysts at Barclays lifted the firm to overweight from equal weight.
The broader European stock markets mirrored gains in Asia, where Chinese stocks had a strong trading day after the release of gross-domestic-product data on China. The National Bureau of Statistics said the economy grew 7.5% in the second quarter, weaker than the 7.7% expansion recorded in the first quarter, but matching expectations in separate surveys of economists by Dow Jones Newswires and Reuters.
Resource firms, which tend rise on solid growth expectations from China, advanced in Europe after the data.
Heavyweight miner Rio Tinto PLC climbed 2.5% in London, and oil group BP PLC added 1%.
The FTSE 100 index traded 0.9% higher at 6,603.76.
In France, the CAC 40 index rose 0.9% to 3,890.19, shaking off a sovereign ratings downgrade from late Friday. Fitch Ratings downgraded the country’s credit rating to AA+ from AAA, citing the high level of government indebtedness of the euro-zone nation.
Germany’s DAX 30 index added 0.6% to 8,260.83.
Comments »CloseOriginal Article Format »
• 56 MINs agoUpdate
European stocks rise after China GDP data
•Permalink
LONDON (MarketWatch) — European stock markets rose at the open on Monday, after data showed the Chinese economy grew in line with expectations in the second quarter. Gross domestic product rose 7.5% in the quarter, below the 7.7% growth reported in the first quarter, but matching expectations in separate surveys of economists by Dow Jones Newswires and Reuters. The Stoxx Europe 600 index added 0.5% to 297.64. Shares of Skandinaviska Enskilda Banken AB jumped 4.5% after a well-received earnings report. Shares of French supermarket retailer Carrefour SA rose 2.2% after Barclays lifted the firm to overweight from equal weight. Among country-specific indexes, France’s CAC 40 index gained 0.8% to 3,884.93, while Germany’s DAX 30 index picked up 0.6% to 8,262.19. The U.K.’s FTSE 100 index added 0.7% to 6,592.16.
Source : Marketwatch
