Asian markets rise, European stock markets subdued on eurozone data

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LONDON: European stock markets were largely steady on Friday as traders reacted to news of sharply weaker growth across the eurozone except in Germany, the bloc’s biggest economy.

The eurozone’s leading indices in Frankfurt and Paris were down only slightly. London’s benchmark FTSE 100 was flat compared with the close on Thursday. The euro rose against the dollar. Eurozone second quarter growth slowed sharply weighed down by Brexit concerns and a poor performance in struggling France and Italy, official data confirmed on Friday.

According to the Eurostat statistics agency, growth in the 19-nation eurozone came in at 0.3 percent, slowing from 0.6 percent in the three months to January but unchanged from the initial estimate given last month. The 0.3 percent quarterly gain was in line with average forecasts compiled by data company Factset.

Gross Domestic Product (GDP) expanded by 0.4 percent in calendar- and seasonally-adjusted terms between April and June, twice as much as forecast by analysts surveyed by FactSet. Elsewhere, a strong lead from Wall Street and a rebound in oil prices gave Asian stock markets a lift on Friday, even as fresh economic data from China missed expectations.

Investors shrugged off figures from the world’s second largest economy showing retail sales growth slowed, instead tracking US markets where all three major indices vaulted to new records.

A strong lead from Wall Street and a rebound in oil prices gave Asian stock markets a lift on Friday, even as fresh economic data from China missed expectations.

Source : AFP

 

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