European stocks rebound from 1-month lows after strong Chinese data

Economies.com
2020-09-07 11:59AM UTC

European stocks rose on Monday, to head for the first daily gain in 3, and rebounded from the 1-month low hit on Friday, after strong Chinese data raised hopes about the quick recovery of the world's second largest economy from the coronavirus pandemic.

 

The Stoxx Europe 600 index rose more than 1.3% as of 11:341 GMT, after it closed lower by 1.1% on Friday, posting the second straight daily loss, and hit a 1-month low of 359.58 points, led down by the tech sector's losses.

 

The index lost about 1.9% during the past week, and posted its second weekly loss in 3, after the ECB council stressing its concern about the eurozone's economic growth, and the halt of Wall Street's record rally. 

 

The pan European index opened higher today, to head for the first daily gain in 3, with most of the major European markets and sectors seeing green today.

 

The automobile sector saw the largest gains in Europe today, rising over 2.5%, after strong data in China

 

Earlier Chinese data showed exports rose by 9.5% in August, the largest increase since March 2019, beating forecasts of 7.1%, and higher than July's reading of 7.2%.

 

S&P 500 futures rose over 0.2%, after the index closed lower by 0.8% on Friday, and posted its second straight daily low, on profit-taking from the record high of 3,588.11 points.

 

Back to Europe, the Euro Stoxx 50 index added 1.3%, France's CAC 40 rose 1.5%, Germany's DAX added 1.6%, and the UK's FTSE 100 rose 1.9%.

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