Investing.com – European stocks rallied on Monday, as risk appetite sharpened following upbeat economic data from the euro zone and China. U.S. futures indexes also pointed to a higher open on Wall Street.
During European morning trade, the EURO STOXX 50 advanced 1.03%; France’s CAC 40 surged 1.09% and Germany's DAX climbed 0.91%.
Earlier in the day, the European Commission raised its growth forecast for the euro zone and the wider European Union for 2010, saying that strong growth in industrial exports is driving a faster-than-expected recovery from the recent global economic crisis.
Meanwhile, official data released on Saturday showed that Chinese industrial production rose more than expected in August while retail sales rose sharply and consumer prices rose in line with expectations. The data eased fears over a slowdown in the world's second largest economy.
In the financial sector shares were boosted after the Basel Committee on Banking Supervision agreed on new regulations which were less strict than expected.
Shares in Germany's Commerzbank advanced 1.83%, French lender BNP Paribas gained 1.93% and U.K. lender Barclay's rose 0.78%. Shares in Europe's largest lender HSBC jumped 2.34%.
In London, the commodity heavy FTSE 100 was up 1.07% as miners led gains amid speculation of increased demand from China. Shares in BHP Billiton, the world's largest miners gained 1.90%, Rio Tinto jumped 2.44% and copper producers Kazakhmys surged 3.50%.
The outlook for U.S. equity markets, meanwhile, was upbeat: Dow Jones Industrial Average futures indicated a gain of 0.76%, S&P 500 futures pointed to an increase of 0.94% and Nasdaq 100 futures indicated a rise of 0.79%.
Later in the day, the U.S. was to release official data on its federal budget balance.
During European morning trade, the EURO STOXX 50 advanced 1.03%; France’s CAC 40 surged 1.09% and Germany's DAX climbed 0.91%.
Earlier in the day, the European Commission raised its growth forecast for the euro zone and the wider European Union for 2010, saying that strong growth in industrial exports is driving a faster-than-expected recovery from the recent global economic crisis.
Meanwhile, official data released on Saturday showed that Chinese industrial production rose more than expected in August while retail sales rose sharply and consumer prices rose in line with expectations. The data eased fears over a slowdown in the world's second largest economy.
In the financial sector shares were boosted after the Basel Committee on Banking Supervision agreed on new regulations which were less strict than expected.
Shares in Germany's Commerzbank advanced 1.83%, French lender BNP Paribas gained 1.93% and U.K. lender Barclay's rose 0.78%. Shares in Europe's largest lender HSBC jumped 2.34%.
In London, the commodity heavy FTSE 100 was up 1.07% as miners led gains amid speculation of increased demand from China. Shares in BHP Billiton, the world's largest miners gained 1.90%, Rio Tinto jumped 2.44% and copper producers Kazakhmys surged 3.50%.
The outlook for U.S. equity markets, meanwhile, was upbeat: Dow Jones Industrial Average futures indicated a gain of 0.76%, S&P 500 futures pointed to an increase of 0.94% and Nasdaq 100 futures indicated a rise of 0.79%.
Later in the day, the U.S. was to release official data on its federal budget balance.