By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- European stock markets rallied to a more
than three-month high on Tuesday after a round of
better-than-expected data from China and as tensions eased in the
Syria conflict.
The Stoxx Europe 600 index gained 1.3% to 309.80, closing at the
highest level since May 22. On that date, the index ended at an
almost five-year high after a period of aggressive monetary policy
from central banks, but markets started moving lower in the
following weeks on concerns the U.S. Federal Reserve soon would
scale back its easing program.
"The Chinese news has been the most positive for the market
today. The data came after solid survey data from last week and
prove that China is in a slightly better position that what we
thought a month or two ago," said Victoria Clarke, economist at
Investec Securities in a note.
"Considering the signals given that we're potentially on the
edge of Fed tapering, it's reassuring to see that China's economy
is robust and in a resilient position. If the those Chinese numbers
continue to grow they could fill the gap from the impact of U.S.
tapering," she added.
Among notable movers in the pan-European index, shares of Neste
Oil Oyj rallied 13% after the refining firm upgraded its 2013
full-year outlook and said it expects "comparable operating profit
to improve significantly compared to 2012."
Ashmore Group PLC put on 5.3% after the asset manager said
assets under management jumped 22% in the year to June 30.
China data and Syria
For the broader European stock markets, investors cheered the
latest data from China. Industrial production in the country rose
10.4% in August, up from 9.7% in July and beating expectations of a
9.9% gain. Additionally, retail sales jumped 13.4%, also topping
analyst expectations. Asia stocks closed in positive territory.
Markets were also buoyed by developments in the Syria conflict,
where tensions eased Monday night. U.S. Secretary of State John
Kerry suggested in off-the-cuff comments that Syrian President
Bashar al-Assad could avert a military attack by handing over his
chemical weapons to the international community. Russia declared
its support and Interfax news agency said on Tuesday that the
Syrian government had accepted the Russian proposal to give up the
weapons in order to "remove the grounds for American aggression,"
according to Reuters.
The call comes as U.S. President Barack Obama has tried to build
support in Congress and internationally to launch an intervention
in Syria, after government forces there allegedly used chemical
weapons against civilians. Obama said late Monday he would put
airstrikes on hold if Syria were to give up the weapons on
condition the U.S. verified the handover
U.S. stocks traded higher on Wall Street and gold and oil
extended losses.
Europe movers
Germany's DAX 30 index jumped 2.1% to 8,446.54.
Shares of Volkswagen AG were up 4.1% in Frankfurt after the auto
maker said car sales rose in the January-to-August period. The
company also introduced its first purely electric car.
France's CAC 40 index gained 1.9% to 4,116.64 and the U.K.'s
FTSE 100 index put on 0.8% to 6,583.99.
In London, mining firms posted some of the biggest gains,
supported by the Chinese data. Shares of Rio Tinto PLC (RIO) rose
2.8% and BHP Billiton PLC (BHP) picked up 1.7%.
Shares of Glencore Xstrata PLC (GLCNF) put on 2.3% after the
newly merged company said it has identified at least $2 billion of
synergies for 2014, exceeding the initial merger guidance of $500
million.
On a more downbeat note in Europe, shares of Partners Group
Holding AG slumped 8.7% after the asset manager reported a slide in
first-half revenue margin.
GlaxoSmithKline PLC (GSK) shares lost 2.5% after Citigroup cut
the drug maker to neutral from buy after a period of
outperformance. Instead, the analysts said they favor buy-rated
Novartis AG and Roche Holding AG in Europe and buy-rated
Bristol-Myers Squibb Co. (BMY) and Pfizer Inc. (PFE) among the U.S.
majors.
Novartis shares rose 1.2% in Zurich and Roche added 0.9%.
Stocks were also higher in Italy, although political uncertainty
dented the gains. The FTSE MIB index closed 0.5% higher at
17,332.42.
A senate committee on Monday began discussions on whether to
expel former Prime Minister Silvio Berlusconi from the parliament
in the wake of his tax-fraud conviction and a vote could take place
later this week. A decision to eject Berlusconi from the parliament
could not only mark an end to his political career, but also
threaten to bring down Italy's governing coalition.
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