Europe open: Stocks gain as investors shrug off China data
European stocks edged higher in early trade on Monday as investors shrugged off some mixed Chinese data.
At 0900 BST, the benchmark Stoxx Europe 600 index was up 0.2% at 385.83, France's CAC 40 was 0.6% firmer at 5,437.57 and Germany's DAX was 0.4% higher at 12,596.13.
Investors largely shrugged off the latest data releases out of China, which showed the economy there slowed modestly in the second quarter, with GDP growth of 6.7%, down from 6.8% in the first quarter but in line with expectations.
Meanwhile, fixed asset investment slowed to 6% in June from 6.1% in May and industrial production slid to 6% last month from 6.8% in May, missing expectations for 6.5% growth. However, retail sales rebounded from multi-year lows of 8.5% in May to come in at 9%, meeting expectations.
Investors were looking ahead to a summit in Helsinki later in the day between the US and Russia. The two leaders are due to meet one-on-one in what will be the first ever summit between the two. It comes after 12 Russian agents were indicted in the Mueller Investigation and following clashes between Trump and his Nato allies last week in Brussels over their defence spending policies.
Mike van Dulken, head of research at Accendo Markets, said: "While the talks themselves may only last a couple of hours, be on the lookout for the post-meeting press conference. The usual Trumpian remarks on politics, trade and oil could move financial markets."
In corporate news, Indivior surged after a US court granted a preliminary injunction to prevent Dr Reddy's Laboratories from selling a generic version of the company's Suboxone Film for treating opioid addiction until a decision is made on patent litigation.
Finnish lift company Kone was on the front foot following a report that it and Thyssenkrupp have held merger talks on their lift operations. Thyssenkrupp was also trading higher.
Elsewhere, French publisher Lagardere gained ground following an upgrade to 'overweight' from Morgan Stanley.
Market participants were also be looking to the US, where earnings season is underway.
Rebecca O'Keeffe, head of investment at Interactive Investor, said: "Bank of America, Blackrock and Netflix all report second quarter earnings today, which may provide further clarity for financials and the outperforming technology sector. Mixed results from three of the big US banks on Friday saw bank stocks fall, so today’s figures from Bank of America should provide further clarity for financials."
"Technology stocks have been the place to be invested in the first half of the year with the Nasdaq up over 13% compared to relatively flat performance elsewhere. The first of the FANGS to report, Netflix earnings are hugely important for investors to confirm whether the outperformance of technology stocks is warranted or if the market has got ahead of itself."