European shares close higher on China data; miners
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Posted On: 08/09/2013 9:44:07 PM
European shares close higher on China data; miners rally
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Published: Friday, 9 Aug 2013 | 11:53 AM ET
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European market closes higher
Friday, 9 Aug 2013 | 11:30 AM ET
European shares closed higher on Friday, boosted by mining stocks, which received a lift from Chinese data.
European shares closed higher on Friday, boosted by mining stocks which received a lift from broadly positive Chinese data, as well as a strong performance from European bank stocks.
The pan-European FTSEurofirst 300 index provisionally closed 0.6 percent higher at 1,229.07 points.
China's industrial output jumped 9.7 percent in July from the year ago period, government figures showed on Friday, beating a market forecast by Reuters for a 9 percent again.
Plus, Chinese trade figures on Thursday surged past expectations, supporting European shares and increasing hopes that the world's second biggest economy is stabilizing after more than two years of slowing growth.
Basics resources stocks were the big gainers, with the sector's shares rising 4.6 percent.
The UK mining index, which includes heavyweights such as Rio Tinto and BHP Billiton, climbed 4.9 percent. Precious metals producer Fresnillo closed roughly 7.7 percent higher, while miners Anglo American and Randgold Resources were also among the top gainers on the FTSE index, up 5.7 percent and 6.49 percent respectively.
Dennis Gartman, founder of the Gartman Letter, says there was credence to the data which proved the Chinese economy was still chugging along.
"China, I'm afraid is not slowing down as much as everybody wants to have us believe that China's slowing down. I understand that brilliant people are out there telling me that China's slowing. I haven't seen data that shows me that's true," Gartman said.
(Read more: China market bounce: trend change or false alarm?)
Text Size
Published: Friday, 9 Aug 2013 | 11:53 AM ET
13
0
Share
European market closes higher
Friday, 9 Aug 2013 | 11:30 AM ET
European shares closed higher on Friday, boosted by mining stocks, which received a lift from Chinese data.
European shares closed higher on Friday, boosted by mining stocks which received a lift from broadly positive Chinese data, as well as a strong performance from European bank stocks.
The pan-European FTSEurofirst 300 index provisionally closed 0.6 percent higher at 1,229.07 points.
China's industrial output jumped 9.7 percent in July from the year ago period, government figures showed on Friday, beating a market forecast by Reuters for a 9 percent again.
Plus, Chinese trade figures on Thursday surged past expectations, supporting European shares and increasing hopes that the world's second biggest economy is stabilizing after more than two years of slowing growth.
Basics resources stocks were the big gainers, with the sector's shares rising 4.6 percent.
The UK mining index, which includes heavyweights such as Rio Tinto and BHP Billiton, climbed 4.9 percent. Precious metals producer Fresnillo closed roughly 7.7 percent higher, while miners Anglo American and Randgold Resources were also among the top gainers on the FTSE index, up 5.7 percent and 6.49 percent respectively.
Dennis Gartman, founder of the Gartman Letter, says there was credence to the data which proved the Chinese economy was still chugging along.
"China, I'm afraid is not slowing down as much as everybody wants to have us believe that China's slowing down. I understand that brilliant people are out there telling me that China's slowing. I haven't seen data that shows me that's true," Gartman said.
(Read more: China market bounce: trend change or false alarm?)
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