European stocks advance | 2019-07-16

European stocks advance

16 July, 2019 12:00 AM printer

LONDON: Europe’s stock markets rose in early deals on Monday despite data showing that China’s economy grew at its weakest pace in nearly three decades, slammed by the US trade war.

London’s benchmark FTSE 100 index gained 0.2 percent to 7,521.51 points, compared with the close on Friday.

In the eurozone, Frankfurt’s DAX 30 won 0.8 percent to 12,425.87 points and the Paris CAC 40 added 0.4 percent to 5,597.17.

Asian markets however sank on weak second-quarter growth in China, which is the world’s second largest economy after the United States.

China’s economy expanded 6.2 percent in the second quarter, the worst reading since the early 1990s, data showed, reports AFP.

“There’s no doubt in anyone’s minds that the trade war is a major contributing factor here,” noted Oanda analyst Craig Erlam.

The reading was however in line with forecasts and within the Chinese government’s target range.


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