Markets rise on China data

European stocks rose for the first time in three days, paring a weekly decline, as trade data from China exceeded estimates.

European stocks rose for the first time in three days, paring a weekly decline, as trade data from China exceeded estimates.

Fri, Feb 8, 2013, 00:00

Stocks and commodities rose as the European leaders neared agreement on budget cuts and China's trade data beat estimates.

Spanish bonds gained for a second day and the yen rallied the most in almost two years.

The Stoxx Europe 600 Index advanced 0.8 per cent at 9.31 am in New York. The Standard and Poor's 500 Index added 0.2 per cent.

Japan's Nikkei 225 Stock Average sank 1.8 per cent as Sony slumped 10 per cent.

The yen strengthened 1.1 per cent to 92.60 per dollar, trimming its decline in the past three months to 14 per cent.

Hugo Boss climbed 1.3 per cent after reporting fourth-quarter earnings that beat analysts' estimates.

Alcatel-Lucent gained 3.3 per cent after Morgan Stanley raised its rating on the stock. Telecom Italia lost 1.4 per cent after reporting full-year earnings that missed analysts' projections.

PSA Peugeot Citroen slid 3.6 per cent as it announced second-half writedowns of €4.13 billion.

China's exports and imports rose more than estimated in a January that had five working days more than last year, a report showed.

Overseas shipments increased 25 per cent from a year earlier, the customs administration said, compared with economists' projection of 17.5 per cent.

EU leaders prepared to reduce the bloc's budget, bowing to UK prime minister David Cameron's insistence on thrift.

Peugeot dropped 21 cents to €5.66 after saying late yesterday that it's writing down the automotive division's property, plants and other assets, which were valued at €14.5 billion at the end of June, by €3.89 billion.

Bloomberg

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