European stocks advance despite China slowdown

SABC News European stocks AFP - European stocks advance despite China slowdown

Europe’s stock markets rose in early deals on Monday despite data showing that China’s economy grew at its weakest pace in nearly three decades, slammed by the US trade war.

London’s benchmark FTSE 100 index gained 0.2% to 7,521.51 points, compared with the close on Friday.

In the Eurozone, Frankfurt’s DAX 30 won 0.8% to 12,425.87 points and the Paris CAC 40 added 0.4% to 5,597.17.

Asian markets however sank on weak second-quarter growth in China, which is the world’s second largest economy after the United States.

China’s economy expanded 6.2% in the second quarter, the worst reading since the early 1990s, data showed.

“There’s no doubt in anyone’s minds that the trade war is a major contributing factor here,” noted Oanda analyst Craig Erlam.

The reading was however in line with forecasts and within the Chinese government’s target range.

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