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European stocks gain as China data lifts miners, chipmakers

Published 15/05/2020, 08:36
Updated 15/05/2020, 08:40
© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt

© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - European shares rose on Friday, with investors taking comfort in China's first rise in factory output this year after it eased a coronavirus-induced lockdown, but lingering Sino-U.S. tensions kept stocks on course for weekly declines.

The pan-European STOXX 600 (STOXX) rose 1.4% by 0715 GMT, with travel stocks (SXTP) leading sectoral gains after a 2.7% jump.

Miners (SXPP) and chipmakers, exposed to the health of China's economy, also rose after data showed China's industrial production climbed 3.9% in April, faster than the 1.5% increase forecast by analysts.

Global stock markets have slid this month after a solid recovery in April on fears of a possible resurgence in COVID-19 cases as economies ease restrictions.

The STOXX 600 is set for its biggest weekly drop since the height of mid-March selling.

Supporting market gains on Friday, Swiss drugmaker Roche (S:ROG) gained 1.4% after saying it would start selling a new digital diagnostics product that may simplify and accelerate screening of COVID-19 patients.

© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt

Britain's biggest telecoms group BT Group Plc (L:BT) jumped 8.2% after a report that it was in talks to sell a multi-billion pound stake in its wholly owned network subsidiary, Openreach, to infrastructure investors.

 

Latest comments

Miners? It is gonna be like oil. Dont forget about demand of gold. Till and of the year expert predicted level of 1800 no chance.
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