LONDON: European markets closed higher yesterday, with mining stocks in particular receiving a boost from better-than-expected industrial output data from China, dealers said.
London’s FTSE 100 index, bolstered also by strong British export data, gained 0.82 percent to end the session at 6,583.39 points. Frankfurt’s DAX 30 rose 0.24 percent to end at 8,338.31 points, while the CAC 40 in Paris gained 0.30 percent to 4,076.55 points.
“Whether investors consider the data reliable or otherwise there is no escaping the fact that the improvement has translated into renewed confidence that the Chinese economy may be stabilising, albeit at a lower level than previously,” CMC Markets UK analyst Michael Hewson said.
Among the miners, Anglo American won 6.1 percent to 1,542.5 pence, Fresnillo increased 8.2 percent to 1,035 pence, Randgold shot up 6.8 percent to 4,722 pence and Rio Tinto added 5.0 percent to 3,167.5 pence.
The euro fell back to $1.3338 from $1.3380 late in New York on Thursday. The dollar also lost ground to 96.25 yen from 96.65 yen on Thursday, while sterling steadied against the euro at 86.02 pence, but fell against the dollar to $1.5508.
The ruble strengthened to 0.02284 euros and $0.03048 after the Russian central bank held off on cutting interest rates.
On the London Bullion Market, the price of gold rose to $1,309 an ounce from $1,298.25 on Thursday.
Asian stock markets closed mixed, while on Wall Street shares traded lower. In midday trading, the Dow Jones Industrial Average lost 0.81 percent, the broad-based S&P 500 slipped 0.50 percent, and the tech-rich Nasdaq Composite Index shrank 0.49 percent.
AFP
