European stocks boosted by China’s data

By FXstreet.com | July 16, 2014 AAA

FXStreet (Córdoba) - European stocks advanced Wednesday, recouping from yesterday’s decline, after data showed China expanded faster than expected and as concerns about Portugal’s banking sector recede.



The Stoxx Europe 600 rose 0.93% to 341.54, recovering from a 0.4% loss the previous day. Among country-specific indexes, UK FTSE 100 gained 0.75%. Germany's DAX 30 advanced 0.99% and France’s CAC 40 rose 1.21%. Italy’s FTSE MIB climbed 1.02% while Spain’s Ibex 35 gained 0.86%.



On the macroeconomic domain, China's economy grew 7.5% in the Q2 from a year ago, slightly exceeding expectations. The UK reported better-than-expected employment data while Fed Chair Yellen second-day of testimony before the Congress will attract market’s attention once again.



In the FX market, the US dollar trades a tad firmer across the board after Yellen said rates could rise sooner if employment continued to improve.



As for commodities, gold was nearly flat at $1298 an ounce after dropping more than $45 in the past 2 days. Crude oil rose 0.61% to $100.57 a barrel.



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