European Shares Rebound After Global Rout

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(RTTNews.com) - European stocks recovered some lost ground on Friday as trade tensions eased and strong Chinese trade data helped eased concerns over slowing global growth.

Media reports suggested that the U.S. Treasury Department has not labeled China as a currency manipulator in an internal report.

A meeting between U.S. President Donald Trump and Chinese President Xi Jinping at a multilateral summit in November is "under discussion," top economic adviser Larry Kudlow told reporters at the White House.

Meanwhile, China's exports logged a double-digit growth in September to beat forecasts despite escalating trade tensions with the U.S., figures from customs administration revealed today.

Closer home, Eurostat data revealed that Eurozone industrial production grew more-than-expected in August. Industrial production climbed 1 percent on a monthly basis, reversing the 0.7 percent drop each in June and July.

German consumer price inflation advanced 2.3 percent year-on-year year, the fastest since November 2011, when inflation was 2.4 percent, final data from Destatis revealed.

The pan-European Stoxx Europe 600 index was up 0.64 percent at 361.96 in late opening deals after losing 2 percent the previous day on heightened fears over an expected slowdown in global growth.

The German DAX, France's CAC 40 index and the U.K.'sFTSE 100 were up between 0.6 percent and 0.7 percent.

Rio Tinto rallied 2.2 percent. The mining giant said that it expects aluminium demand growth to be about 3.2 percent per annum next 5 years.

Anglo American, Antofagasta and Glencore jumped 3-4 percent after the release of Chinese trade data.

In the energy sector, Tullow Oil rose about 1 percent and BP Plc added 1.1 percent.

German automakers BMW, Daimler and Volkswagen were rising between 0.9 percent and 1.3 percent.

Online retailer Zalando jumped 4 percent after Credit Suisse Group set a €40.00 ($46.51) price target on the stock.

Bargain hunters lapped up luxury stocks in Paris, with Kering rallying 3 percent and LVMH rising 1.1 percent.

Technology stocks were also on the rise, with chipmaker STMicroelectronics gaining 1.6 percent.

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This article appears in: Stocks , World Markets , Economy , Oil
Referenced Symbols: BMWYY ,

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