Europe open: Markets rise after strong Chinese, European data
European stocks were higher on Monday morning after strong data from China was welcomed by miners, while European manufacturing figures beat analyst expectations.
At 0856 GMT, the Stoxx 600 was 0.5% higher at 409.60, as Germany's Dax climbed by 0.6% to 13,314.03 and the French CAC 40 rose by 0.6% to 5,939.38. Meanwhile, London's FTSE 100 was up by 0.7% at 7,395.73.
China's Caixin Markit manufacturing purchasing managers’ index (PMI) rose to 51.8 in November from 51.7 in the month prior, marking its fastest expansion since December 2016 and ahead of expectations for a reading of 51.4.
Pantheon Macroeconomics analysts said: "Seasonal factors could be boosting the November number, after the holiday the previous month, though our adjustment model suggests the positive effect was mild.
"Gains were driven by output, with the import subindex also rising strongly in an encouraging sign for exporting nations, though it remains below 50. New orders continue to point up but we don’t trust the lead."
Even so, the better than expected data sent miners and energy stocks higher, with Tullow Oil, Rio Tinto, BHP and Antofagasta among those propelling the Stoxx Basic Resources Index 1.7% higher to 450.50.
Meanwhile, eurozone manufacturing PMI also beat expectations that it would remain flat as it climbed from last month's 46.6 reading to 46.9 in November.
This came as German PMI was 0.3 higher than anticipated as it came in at 44.1, while French, Italian and Swiss readings also beat forecasts.
CMC Markets analyst Michael Hewson said: "We should still exercise some caution in this recovery in economic activity given that manufacturing still remains weak, and there is some evidence that the latest services data has been softening in recent months. We will get to see whether this weakness in services has continued later this week."
Among individual stocks, German airline Lufthansa was in the green amid rumours that Qatar Airways is considering taking a stake in the company.
Banks were largely on the rise as well, with AIB, Bank of Ireland, Commerzbank and Finecobank all among the top climbers.
Deutsche Bank edged higher despite a Reuters report in which four sources indicated that the US Department of Justice has intensified its investigation into the German bank's involvement in the €200bn Danske Bank money laundering scandal.