Europe midday: Stocks put in modest gains

Stocks across the Continent were higher on Thursday, boosted by hopes that a gradual easing in lockdown measures would filtre through into more buoyant economic activity.

"Continued optimism about the easing of lockdowns has boosted European stock markets. A number of countries have taken steps to reopen sections of their economies and there is speculation the UK could be loosening restrictions in the next few days," said David Madden, senior market analyst at CMC Markets UK.

From the other side of the globe meanwhile, data showing an unexpected increase in Chinese export figures in April was also boosting sentiment.

As of 1230 GMT, the benchmark Stoxx 600 was up 0.92% to 337.42, alongside a rise of 1.0% to 10,712.91 for the benchmark Dax and an advance of 0.99% to 17,329.13 on the FTSE Mibtel.

In parallel, front month Brent crude oil futures were jumping 6.25% to $31.57 a barrel on the ICE.

Euro/dollar on the other hand was drifting lower by 0.06% to 1.0788.

Industrial production in Germany collapsed at a 9.2% month-on-month pace in March (consensus: -7.0%), led by a 31% plunge in auto output, figures from the Federal Office of Statistics.

On a slightly positive note however, the rate of decline in freight activity data at German airports slowed from a 23% year-on-year pace in the second week of April to 5% at the end of the same month, analysts at Unicredit pointed out.

French output on the other hand shrank by an outsized 16,2% (consensus: -11.0%).

Italian retail sales volumes meanwhile fell at a 21.3% clip in March and were 18.4% lower on the year, ISTAT reported.