European stocks rally from 13-month lows, FTSE rejected at 10-DMA

January 19, 2016

European equities bounced back from 13-month lows on the back of a rally in the mining stocks. 

The pan-European Euro Stoxx 50 index was up more than 2% before trimming gains to trade 1.9% higher on the day around 2990 levels. Among the regional indices, Germany’s DAX, France’s CAC and London’s FTSE advanced more than 1.5% each.

FTSE rejected at 10-DMA

The mining heavy FTSE index ran into offers at a high of 5900 (10-DMA) levels. Mining stocks rallied as the markets in Asia responded positively to the Chinese data, even though the full year 2015 growth was the slowest in 25 years. 

Shares in Anglo American advanced more than 8% and are among the top gainers in the Stoxx 600 index. Shares in Rio Tinto and Glencore also advanced 7.5% and 4.2% respectively. 

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