European stocks cool-off, trim early gains

FXStreet (Mumbai) – Stocks on the European bourses did rebound at open on the back of renewed optimism emanating from Asia. However, the opening gains were shortly trimmed after negative sentiment hit markets after Shanghai stocks dived at close following downward revision of Chinese 2014 GDP figures.

China worries weigh on the EU stocks

Stocks markets in China reopened on Monday after a prolonged weekend, with the Shanghai Composite index closing the day 2.52% lower after China’s National Bureau of Statistics (NBS) revised on Monday its country’s economic growth rate for last year to 7.3% from the previously released figure of 7.4%.

The downward revision comes a day before the release of the key China trade data, which last month triggered sudden yuan devaluation and translated in to a massive sell-off across the board.

Germany’s the DAX 30 pared gains and now trades 0.42% higher at 10082, while the UK’s FTSE 100 index advances 0.59% to 6,078. Among the other indices, the French CAC 40 index is up 0.35% at 4,538.50, while the pan-European Euro Stoxx 50 index gaining 0.42% at 3,193.

Stocks on the European bourses did rebound at open on the back of renewed optimism emanating from Asia. However, the opening gains were shortly trimmed after negative sentiment hit markets after Shanghai stocks dived at close following downward revision of Chinese 2014 GDP figures.

(Market News Provided by FXstreet)