European stocks start higher in risk-on trade

August 8, 2016

On Monday, European stocks started higher, as Friday’s positive US jobs data kept boosting market sentiment, though poor Chinese trade data limited revenues.

During European morning trade, the EURO STOXX 50 leapt 0.91%, French CAC 40 soared 0.61%, while German DAX 30 grew 0.83%.

Optimism as for the strength of the American economy edged up after on Friday, the Labor Department told that last month the American economy gained up to 255,000 jobs, which is above expectations for 180,000.

However, market participants remained cautious. It’s because data published earlier on Monday disclosed that in July Chinese imports tumbled by 12.5%, compared to expectations for a 7.0% sag. Additionally, exports sank by 4.4% last month, compared to hopes for a 3.0% sink.

Financial shares were mostly higher, as French lenders BNP Paribas  and also Societe Generale climbed up 1.59% and 1.34% respectivley, while German Commerzbank along with Deutsche Bank leapt 1.72% and 1.73%.

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