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European stocks gain as China data lifts miners, chipmakers

Published 05/15/2020, 03:33 PM
Updated 05/15/2020, 03:40 PM
© Reuters.
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(For a live blog on European stocks, type LIVE/ in an Eikon
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May 15 (Reuters) - European shares rose on Friday, with
investors taking comfort in China's first rise in factory output
this year after it eased a coronavirus-induced lockdown, but
lingering Sino-U.S. tensions kept stocks on course for weekly
declines.
The pan-European STOXX 600 .STOXX rose 1.4% by 0715 GMT,
with travel stocks .SXTP leading sectoral gains after a 2.7%
jump.
Miners .SXPP and chipmakers, exposed to the health of
China's economy, also rose after data showed China's industrial
production climbed 3.9% in April, faster than the 1.5% increase
forecast by analysts. Global stock markets have slid this month after a solid
recovery in April on fears of a possible resurgence in COVID-19
cases as economies ease restrictions.
The STOXX 600 is set for its biggest weekly drop since the
height of mid-March selling.
Supporting market gains on Friday, Swiss drugmaker Roche
ROG.S gained 1.4% after saying it would start selling a new
digital diagnostics product that may simplify and accelerate
screening of COVID-19 patients. Britain's biggest telecoms group BT Group Plc BT.L jumped
8.2% after a report that it was in talks to sell a multi-billion
pound stake in its wholly owned network subsidiary, Openreach,
to infrastructure investors.

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