european stocks mostly climb despite china slowdown
Last Updated : GMT 08:31:41
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European stocks mostly climb despite China slowdown

Arab Today, arab today

Arab Today, arab today European stocks mostly climb despite China slowdown

Frankfurt's DAX 30 index rose 0.87 percent to 10,192 points in morning trade
London - AFP

Europe's main stock markets mainly rose Monday on Chinese stimulus hopes following news that China's economy grew in the third quarter at its slowest pace for six years.

China's powerhouse economy expanded by 6.9 percent in July-September, the weakest since 2009 at the height of the global recession, the National Bureau of Statistics (NBS) said.

At the same time, the outcome beat market expectations of 6.8-percent expansion, according to analysts polled by AFP.

In eurozone shares trading, Frankfurt's DAX 30 index rose 0.87 percent to 10,192 points and the Paris CAC 40 added 0.35 percent from Friday's close to stand at 4,719.30.

"Pressure will be ramping up on Beijing to implement  more economic stimulus," said analyst Augustin Eden at trading firm Accendo Markets.

China's news however pulled the London stock market lower because the British capital's mining sector is heavily reliant on demand from top commodity consumer China.
London's benchmark FTSE 100 index slid 0.18 percent to 6,366.80 points, hit also by news that Chinese industrial production rose just 5.7 percent year-on-year in September, missing economists' median estimate of 6.0 percent.

- Miners struggle -

In reaction, commodity giant Glencore saw its share price slump 2.89 percent to 112.65 pence, BHP Billiton shed 1.15 percent to 1,116.50 pence and Rio Tinto lost 1.12 percent to 2,464.50 pence.

In Paris, shares in ArcelorMittel -- the world's biggest steelmaker -- slid 0.44 percent to 5.61 euros.

"Whilst the eurozone indices have shaken off the morning's Chinese data dump, the FTSE is struggling in the face of the country's manufacturing slowdown," said analyst Connor Campbell at trading firm Spreadex.
"With ... commodity stocks in general clogging up the morning's losers list, the FTSE is straggling behind its eurozone peers, flip-flopping between mild losses and even milder gains as investors try (and fail) to search for some sense of firm direction."

The Chinese GDP data is the first official confirmation of investors' fears over growth in the world's number two economy and follows a string of weak indicators including on trade and manufacturing activity.

The economy is forecast to grow this year at a slower pace than last year's 7.3 percent, which was the worst annual rate in almost a quarter of a century.

In Asian equity trade on Monday, Shanghai rose almost one percent straight after the GDP data release on hopes for fresh stimulus but eventually ended the day 0.14 percent lower.

Sydney, where several firms with close links to China are listed, closed flat, as did Seoul.

Tokyo finished 0.88 percent off, with profit-takers also weighing on prices after a recent rally

However, Hong Kong reversed early losses to eke out a minor gain as dealers bet on fresh stimulus.

Global indices were sent into freefall in August -- wiping trillions of dollars off valuations -- when Beijing announced a shock devaluation of its yuan currency, which fuelled fears about the economy and leaders' grip on the crisis.

In foreign exchange activity on Monday, the European single currency climbed to $1.1380 from $1.1363 late on Friday in New York.

Source: AFP

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