Europe open: Stocks start the day higher on Apple and China

European stocks started the day with modest gains following the release of slightly stronger than expected economic data overnight in China.

At 7.3% the year-on-year rate of GDP growth out in China printed slightly above economists’ forecasts. Nevertheless, analysts were divided, with some highlighting the fact that the figures mark the slowest rate of expansion in five years.

The Dax was moving higher by 0.45%, while out on the periphery the FTSE Mibtel was gaining 0.89%. Madrid’s Ibex 35 was a relative laggard, edging higher by 0.29%.

Better-than-expected results out from tech heavyweight Apple also overnight propped up market sentiment too. Even so, the tech giant’s shares ended the ‘after-hours session’ up by just 1.5%.

Commenting on the company’s figures Morgan Stanley said in a research note: “We see strong iPhone demand, gross margin expansion, and under-ownership driving upside to shares. Results and guidance were better than expected despite FX headwinds pressuring estimates across large-cap tech.”

The US broker upped its price target on the stock to $115 per share from $110 previously.

Total steady despite losing its chief

Shares of Total were down by 0.06% to €42.92. The French oil major's chairman and chief executive officer, Christophe de Margerie, died overnight in Moscow.

The jet in which he was travelling crashed into a snowplough while manoeuvring for take-off at Moscow's Vnukovo airport with low visibility.

Swiss drugmaker Actelion raised its full-year forecast again, raising its expected rate of growth for earnings per share to a low-twenties percentage point range at constant exchange rates.

Mortgage lender Swedbank posted third quarter net income and net interest income that surpassed analysts’ estimates.

From a sector standpoint the best performance on the DJ Stoxx 600 was to be seen in the following industrial groups: Real estate (0.68%) and Travel&Leisure (0.77%).

Money supply growth picks up slightly in Switzerland

Swiss money supply grew at a 3.4% year-on-year pace in September, versus the previous month’s figure of 3.3%.

Crude moves higher

The euro/dollar was up by 0.19% to 1.2822.

Front month Brent crude futures were higher by 0.663% to $85.95 per barrel out on the ICE.