European Markets Rise On Strength Of Mining Stocks

The European markets ended Thursday’s session with modest gains. Investor sentiment received an early boost from positive economic data from both China and the United States. The better than expected Chinese manufacturing report drove shares of European miners higher. Meanwhile, retailers struggled following a warning from Carrefour.

Traders are looking forward to the release of the all-important U.S. jobs report for August on Friday.

The pan-European Stoxx Europe 600 index advanced 0.86 percent. The Euro Stoxx 50 index of eurozone blue chip stocks increased 0.52 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.96 percent.

The DAX of Germany climbed 0.44 percent and the CAC 40 of France rose 0.58 percent. The FTSE 100 of the U.K. gained 0.89 percent and the SMI of Switzerland finished higher by 0.84 percent.

In Frankfurt, retailer Metro lost 1.58 percent after posting muted increase in like-for-like sales in the third quarter.

In Paris, Bouygues rallied 2.42 percent after it swung to profit in the first-half and confirmed its 2017 outlook.

Carrefour sank 13.13 percent after the retailer issued a profit warning for the second half of the year.

Pernod Ricard tumbled 1.92 percent. The world’s second largest wines & spirits company warned that a strong euro may weigh on its earnings from North America and Asia.

Arkema dropped 1.94 percent after two explosions occurred at its chemical plant in Crosby, Texas.

In London, mining stocks climbed following the release of the better than expected Chinese manufacturing data. Anglo American increased 2.82 percent and Antofagasta advanced 1.97 percent. BHP Billiton gained 1.51 percent and Glencore rose 0.78 percent.

UBS slid 0.19 percent in Zurich amid reports that the bank is considering to relocate 250 investment bankers from London to Frankfurt or another major city in the European Union.

Eurozone inflation climbed to a four-month high in August on energy prices, flash data from Eurostat showed Thursday. Inflation accelerated to 1.5 percent in August from 1.3 percent in July. This was the highest since April and above the expected rate of 1.4 percent.

The euro area unemployment rate remained unchanged at the lowest level in more than eight years in July, Eurostat reported Thursday. The jobless rate held steady at 9.1 percent in July, the lowest since February 2009. The rate also matched expectations.

Germany’s retail sales increased at a slightly faster pace in July, data from…

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