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European shares rise as strong China data boosts recovery hopes

Stock MarketsNov 16, 2020 08:30
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© Reuters. The German share price index DAX graph at the stock exchange in Frankfurt

(Reuters) - European shares rose on Monday, hovering near their nine-month highs, as strong China data and hopes of a COVID-19 vaccine renewed bets for a quicker economic recovery.

China's factory output rose faster than expected in October and retail sales surged as the recovery in the world's second-largest economy from its COVID-19 slump gathered momentum.

The pan-European STOXX 600 (STOXX) rose 0.7% by 0805 GMT, with banks (SX7P) and travel stocks (SXTP) gaining the most.

Vodafone Group (L:VOD), the world's second-largest mobile operator, gained 2.6% after it said it was increasingly confident about its full-year performance following a "resilient" first-half, despite underlying momentum being obscured by the impact of COVID-19.

European shares rise as strong China data boosts recovery hopes
 

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