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European stocks climb as China data fuel gains

Jul 17 2017 10:24
Aleksandra Gjorgievska, Bloomberg

London - European stocks headed for their highest level in three weeks as miners led gains on data showing China’s economic growth exceeded estimates.

The Stoxx Europe 600 Index rose 0.2% at 09:30, poised for its longest streak of gains since April. Metal producers tracked copper prices higher, with telecommunications and technology companies also advancing.

Investors in European equities are switching into stocks most geared to benefit from a pickup in economic growth and borrowing costs - including miners and banks - and deserting their defensive peers, reviving a trade that dominated the market at the end of last year.

China’s economy maintained in the second quarter, driven by a pickup at the nation’s factories. Stoxx 600 miners rose for a sixth straight day, extending a three-month high.

Among shares active on corporate news, ITV gained 1.9%. EasyJet CEO Carolyn McCall is taking on the top role at the broadcaster. EasyJet dropped 0.7%. Telenor rallied 6.2% after reporting a narrower-than-forecast quarterly loss and saying it will buy back shares.

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european markets  |  equities  |  markets

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