Sunday 11 December 2016

European shares gain, eurozone growth revised upwards

Published 08/09/2015 | 11:03

Clocks showing the time of various international major cities (Photo by Ulrich Baumgarten via Getty Images)
Clocks showing the time of various international major cities (Photo by Ulrich Baumgarten via Getty Images)

European equities climbed higher on Tuesday, with Germany's benchmark DAX share index outperforming the broader stock market after a strong set of German trade data.

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At 0711 GMT, the pan-European FTSEurofirst 300 index was up 1.0 percent at 1,413.52 points, while the DAX was up 1.2 percent.

German exports and imports hit record highs in value terms in July, suggesting foreign appetite for goods from Europe's largest economy remained robust despite a slowdown in China, while domestic demand was also holding up well.

Analysts said a late bounce in Chinese stocks had also helped sentiment. The Shanghai Composite Index rose 2.9 percent after falling earlier in the session.

Meanwhile,  growth in the 19 economies that make up the eurozone has been revised upwards.

The second gross domestic product (GDP) estimate for April to June put growth at 0.4pc, up from 0.3pc earlier.

European statistics agency Eurostat also revised growth upwards in the first quarter, from 0.4pc to 0.5pc.

Reuters

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