European stock markets mostly rose on Monday, keying off gains seen overnight in Asia where better-than-expected Chinese export data signaled stronger demand from the global economy and sent the region’s markets higher.
The Stoxx Europe 600 index XX:SXXP +0.04% rose 0.1% to 316.71, after closing out last week with a 2.7% loss.
Shares of GDF Suez SA FR:GSZ +2.22% gained 2.4% after Bank of America Merrill Lynch lifted the French utility firm to buy from neutral.
Shares of Tullow Oil PLC UK:TLW -2.56% fell 2.1% after the oil-exploration company said it has plugged a well in the South Omo block onshore Ethiopia and abandoned it as a dry hole.
More broadly, investors looked to Asia, where trade data out of China spurred optimism about the global economic recovery. Exports rose 12.7% in November, well ahead of October’s 5.6% and above analyst expectations. Meanwhile, inflation for the same month came in at 3%, slightly below forecast.
In Europe, data showed Germany’s trade surplus narrowed and was lower than expected in October, as imports sharply rose and outpaced a modest increase in exports.
Germany’s DAX 30 index DX:DAX +0.30% climbed 0.4% to 9,210.48, while France’s CAC 40 index FR:PX1 -0.22% slipped 0.1% to 4,124,48. The U.K.’s FTSE 100 index UK:UKX -0.13% was slightly higher at 6,554.06.
Mining firms added pressure in London as metals prices were mixed. Shares of Rio Tinto PLC UK:RIO -1.59% AU:RIO +0.18% RIO -1.04% lost 1.1% and Anglo American PLC UK:AAL -1.32% fell 1%.
Source: MarketWatch
