European stocks gain as China data lifts miners, chipmakers
Reuters
Published May 15, 2020 08:36
(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.
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.
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Written By: Reuters
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