European shares advance after strong China data.
Chinese industrial production increased 10.4% year-over-year in
August compared with forecasts for 9.9% growth. This was the
strongest growth recorded in 17 months.
Retail sales rose 13.4% annually during the month, faster than
the 13.3% increase expected by economists, while fixed asset
investment rose 20.3% in the January-August period, higher than the
20.2% increase forecast by economists.
Fears about Syria also eased after Russia suggested that Syria
avoid a military strike by handing over its chemical weapons. A
weaker-than-expected U.S. jobs report for August on Friday,
additionally, reduced the probability of a September tapering,
further bolstering investor sentiment.
Around the region, French industrial and manufacturing output
contracted in July from the previous month, Insee said. Industrial
output declined unexpectedly by 0.6% against expectations for a
0.5% increase. Manufacturing output dropped 0.7%, compared to a
Italy's economy contracted at a slightly faster pace in Q2 than
initially estimated, final data from statistical office Istat
showed. GDP fell 0.3% sequentially in Q2.
In ADR news, Siemens (
) reportedly plans to cut 340 jobs at the Erlangen site of its rail
Lloyds Banking (
) is moving a bit on reports the UK government may start selling
its 39% shareholding in the company this month, perhaps as early as
this week, Reuters reports, citing sources familiar with the
The FTSE-100 was last up 0.82% at 6,583.99, the DAX up 2.06% at
8,446.54 and the CAC-40 up 1.89% at 4,116.64.
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