European Stocks Gain on Strong China Data, Easing Syria Tensions

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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.



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This article appears in: Investing , Commodities

Referenced Stocks: LYG , SI

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