Finance

Europe stocks reverse gains despite China data meeting expectations; Galapagos up 17%

European stocks are set to rise Monday, despite worries China’s economy is slowing amid a trade war with the U.S.

European Markets: FTSE, GDAXI, FCHI, IBEX

Britain’s FTSE 100 is seen climbing 6 points to 7,505, Germany’s DAX is set to rise 36 points to 12,351, and France’s CAC is expected to open 12 points higher at 5,580, according to IG index data.

Traders kept a close watch on the latest economic figures out of China. The country posted second-quarter figures on Monday that showed its economy grew 6.2% in the second-quarter, at its slowest pace in 27 years.

Still, China’s GDP (gross domestic product) growth was in line with expectations, and data for industrial production, retail sales and fixed-asset investment came in above analyst expectations.

Chinese stocks got a boost from the fresh data, with the Shanghai composite climbing 0.76% and the Shenzhen composite up 1.26%. MSCI’s broadest index of Asian shares outside Japan rose 0.26%.

Elsewhere, geopolitical tensions continued to rumble on in the background. Iranian leader Hassan Rouhani said Sunday that the country was ready to hold talks with the U.S., on the condition that Washington drops sanctions and returns to the 2015 nuclear deal.

Secretary of State Mike Pompeo poured cold water on Rouhani’s proposal, stating it would lead the Trump administration down a similar path to former President Barack Obama’s administration, which helped bring about the agreement.

Articles You May Like

Wells Fargo shares fall as lower interest income cuts into profits
Nike CEO blames remote work for innovation slowdown, saying it’s hard to build disruptive products on Zoom
China’s commercial property segment is seeing some bright spots amid a slump in the wider realty sector
Third Point, Saddle Point win board seats at Advance Auto Parts. A plan to improve margins may unfold
IRS: You have ‘options’ if you can’t pay your taxes by the April 15 deadline

Leave a Reply

Your email address will not be published. Required fields are marked *