European stocks rise, boosted by healthy Chinese growth

European stock markets rose Friday, cheered by stronger than expected growth data from China, overshadowing disappointing retail sales numbers from the UK.

At 03:05 ET (08:05 GMT), the DAX index in Germany climbed 0.5%, the CAC 40 in France gained 0.5% and the FTSE 100 in the UK surged 1%. Chinese growth helps sentiment

China's economy grew 5.4% in the fourth quarter from a year earlier, according to data released earlier Friday, significantly beating analysts' expectations and marking the quickest growth since the second quarter of 2023.

For the full-year 2024, the world's second-largest economy grew 5.0%, meeting the government's annual growth target of around 5%. A

China is a major export market for Europe’s senior companies, and its economic slowdown has been a drag on growth this year.

Back in Europe, British retail sales fell unexpectedly in December, dropping 0.3% in month-on-month terms in December after a downwardly revised 0.1% expansion in November.

"This was driven by a very poor month for food sales, which sank to their lowest level since 2013, with supermarkets particularly affected," ONS senior statistician Hannah Finselbach said.

Elsewhere, the final reading of December eurozone consumer inflation is due later in the session. AstraZeneca receives drugs boost

In corporate news, AstraZeneca (NASDAQ:AZN ) stock rose 1% after the drugs giant said that the US FDA had approved its drug to treat previously untreated mantle cell lymphoma in adults who cannot have a stem cell transplant.

Across the pond, Wall Street earnings include those from State Street (NYSE:STT ) and Citizens Financial (NYSE:CFG ) Group. Crude set for weekly gain

Oil prices rose Friday, heading towards a fourth consecutive weekly gain with the latest US sanctions on the Russian crude trade continuing to offer support.

By 03:05 ET, the US crude futures (WTI) gained 0.7% to $78.40 a barrel, while the Brent contract rose 0.6% to $81.75 a barrel.

Both contracts have gained around 3% so far this week.

The Biden administration last week announced widening sanctions targeting Russian oil producers and tankers, likely resulting in supply disruptions and price increases.

 

Source: Investing.com