Jan 19 European equities bounced back from 13-month lows on Tuesday, with mining and energy stocks leading the market higher after prices of major industrial metals and crude oil surged following the release of Chinese growth data.
The pan-European FTSEurofirst 300 index was up 2.2 percent by 0820 GMT after slipping to a 13-month low in the previous session.
The STOXX Europe 600 Basic Resources index, which houses major mining stocks, rose 4.4 percent.
The European oil and gas index was up 3 percent, tracking gains in the prices of oil, copper, nickel aluminium and zinc after the China data. Anglo American, Glencore and BP rose 2.5 to 8.9 percent.
Growth in China’s fourth-quarter gross domestic product eased, as expected, to 6.8 percent from a year earlier, down from 6.9 percent in the third quarter and marking the weakest pace of expansion since the first quarter of 2009. Full-year growth of 6.9 percent was China’s poorest in a quarter of a century.
Nevertheless, some analysts said there was some relief after the data, given the scope for further stimulus measures from Beijing.
There were strong gains across all European equity sectors, but Danish enzyme maker Novozymes fell 8.6 percent after trimming its longer-term sales forecasts. (Reporting by