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European stocks mixed to higher despite Chinese data; Dax up 0.30%

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Investing.com - European stocks were mixed to higher on Monday, although official data showed that Chinese first quarter growth came in below expectations, adding to concerns over the outlook for global growth.

During European morning trade, the EURO STOXX 50 climbed 0.49%, France's CAC 40 gained 0.42%, while Germany's DAX 30 rose 0.30%.

Market sentiment weakened as official data showed that the Chinese economy expanded by 7.7% year-on-year in the three months to March, down from 7.9% in the fourth quarter and undershooting expectations for 8.0% growth.

Separate reports showed that Chinese industrial production also came in below expectations, while retail sales rose slightly more than forecast.

The data reinforced concerns over the outlook for global growth after data on Friday showed that U.S. retail sales fell 0.4% in March, the largest decline in nine months.

Financial stocks were broadly higher, as shares in French lenders Societe Generale and BNP Paribas climbed 0.45% and 0.66%, while Germany's Deutsche Bank and Commerzbank advanced 0.58% and 0.17%.

Peripheral lenders added to gains, with Italian banks Unicredit and Intesa Sanpaolo rose 0.34% and 0.73% respectively, while Spain's BBVA and Banco Santander climbed 0.59% and 1.33%.

Elsewhere, Deutsche Telekom jumped 1.34% amid reports Dish Network Corp. approached the company about a potential merger with its U.S. unit.

In London, commodity-heavy FTSE 100 slid 0.19%, weighed by losses in mining and oil stocks.

BHP Billiton and Rio Tinto tumbled 1.98% and 2.50%, while rivals Polymetal and Rangold Resource plunged 4.10% and 6.10% respectively.

Copper producers Xstrata and Kazakhmys also trended sharply lower, plummeting 2.16% and 6.03%.

In addition, oil and gas major Anglo American retreated 2.51%, while Petrofac declined 0.41%.

In the financial sector, stocks were mixed. Shares in Barclays slipped 0.19% and HSBC Holdings dropped 0.60%, while Lloyds Banking and the Royal Bank of Scotland added 0.21% and 0.23%.

In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.12% loss, S&P 500 futures signaled a 0.22% decline, while the Nasdaq 100 futures indicated a 0.08% fall.

The U.S. was to release data on manufacturing activity in New York state later in the day, while the euro zone was to publish official data on the trade balance.

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


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

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