European Stocks Gain on Strong China Data, Easing Syria Tensions


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 0.7% rise.

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 ( SI ) reportedly plans to cut 340 jobs at the Erlangen site of its rail division.

Lloyds Banking ( LYG ) 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 matter.

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.

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: LYG , SI

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