European Shares Rise After Better-than-Expected Chinese Industrial Production Data

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European stocks gained after industrial production in China came in better-than-expected.

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 record.

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 ( AMX ) launched a tender offer to buy the company at 2.4 euros per share.

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.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: AMX

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