Seeking Alpha

smithpaul's  Instablog

smithpaul
Send Message
  • Strong China Import Demand Boosts Europe Stocks 0 comments
    Apr 10, 2013 7:50 AM

    LONDON (MarketWatch) - European stock markets extended gains into a third straight day on Wednesday, boosted by data showing Chinese demand for imports rose in March.

    The Stoxx Europe 600 index XX:SXXP +0.89% rose 0.5% to 289.63, adding to a 0.2% gain from Tuesday.

    Shares of low-cost airline EasyJet PLC UK:EZJ +3.82% gained 4.7%, after Citigroup lifted the firm to buy from neutral, saying free-cash flow generation bodes well for dividend growth and possible more special dividends.

    In the same vein, shares of Michelin FR:ML -0.37% lost 1%, as Credit Suisse cut the French tire maker to neutral from outperform.

    For the broader European stock markets, investors trained their attention on China were fresh data revealed a trade deficit in March. Imports surged 14.1% from a year earlier, beating estimates of 6.1% growth and underlining that domestic demand in the world's second largest economy is improving. Exports rose 10%, below expectations of a 12% rise.

    Resource firms climbed after the data, as China is major user of natural resources. Shares of heavyweight mining firm Rio Tinto PLC UK:RIO +1.28% RIO +5.72% AU:RIO +2.73% gained 1.9% in London, while oil group Total SA FR:FP +1.16% TOT +1.48% rose 0.4% in Paris.

    After the European market close attention will turn to the U.S., where the Federal Reserve releases minutes from its latest policy-setting meeting.

    U.S. stock futures pointed to a higher open on Wall Street.

    Among country-specific indexes in Europe, Germany's DAX 30 index DX:DAX +1.17% added 0.7% to 7,693.75, while France's CAC 40 index FR:PX1 +1.09% gained 0.8% to 3,699.53.

    The U.K,'s FTSE 100 index UK:UKX +0.58% traded 0.6% higher at 6,354.28. For more information click here

Back To smithpaul's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.