European stocks gained after industrial production in China came
China's industrial production rose 9.7% in July from a year
earlier, exceeding forecasts for a 9% gain in separate Reuters and
Dow Jones Newswires surveys of economists.
Other data included retail sales, which eased to a 13.2% growth
rate from June's 13.3%, though it still ranked as the second-best
month this year. The growth lagged expectations of a 13.5% increase
in the Reuters poll.
CPI rose 2.7% from a year earlier, unchanged from June. The
result came in below forecasts for a 2.8% increase, according to a
Dow Jones Newswires survey of economists.
Wholesale prices, meanwhile, deflated further, with PPI falling
2.3% from July 2012, compared with a 2.7% drop the previous month.
A Dow Jones survey had tipped a decrease of 2.2%
Around the region, UK exports data also provided support.
Exports of goods and services hit 43.2 billion pounds ($67.02
billion) in June, the highest monthly total since records began in
1998. Exports of goods hit a record high of GBP26.9 billion.
Exports to non-EU countries surged to GBP14.2 billion, also a
Investors shrugged off news that French industrial production
unexpectedly dropped 1.4% in June from May, with output dropping
across most sectors. Economists polled by Dow Jones Newswires had
expected a 0.1% rise.
In company news, KPN rallied after America Movil (
) launched a tender offer to buy the company at 2.4 euros per
The FTSE-100 was last up 0.82% at 6,583.39, the DAX up 0.24% at
8,338.31 and the CAC-40 up 0.3% at 4,076.55.
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