Economic data from China gives encouragement to European stock markets
Major European indices started trading in positive territory today, as they take stock of positive economic data from China. Industrial production, whose official data was released on Monday, showed an increase for the first time in six months, a sign that Beijing’s stimulus may have an impact on the economy.
The STOXX 600 index rose 0.34% to 451.74 points, with the mining and real estate sectors recording the largest gains.
Among the major market movers, UBS stock rose 100%, after it announced that it had reached an agreement with the state of Mozambique regarding the liability of Credit Suisse in the ship financing scandal.
Traders are also focusing on Federal Reserve Chairman Jerome Powell’s participation in a roundtable meeting in Pennsylvania, alongside Philadelphia Fed President Patrick Harker.
European stock markets ended the first quarter with losses since September 2022 on Friday, with indicators punished by the prospect of higher interest rates for longer, slower economic growth in Europe and China.
Among the major indices in Western Europe, the German DAX index rose by 0.41%, the French CAC 40 index rose by 0.32%, the Italian FTSEMIB index rose by 0.19%, the British FTSE 100 index rose by 0.17%, and the Spanish IBEX 35 index jumped by 0.59%. In Amsterdam, the AEX index rose by 0.05%.
In Lisbon, the PSI rose by 0.56%.
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