Europe open: Stocks nudge lower as investors mull China data

European stocks drifted a little lower in early trade as investors sifted through more corporate releases and mulled over the latest data from China.

At 0850 BST, the benchmark Stoxx Europe 600 index was down 0.2%, Germany’s DAX was 0.3% weaker and France’s CAC 40 was off 0.1%.

Meanwhile, oil prices advanced, with West Texas Intermediate up 1.1% to $50.83 a barrel and Brent crude up 1.1% at $52.24.

Figures released earlier showed China’s gross domestic product grew 6.7% in the year to September, bang in line with forecasts.

Other data showed retail sales were up 10.7% in September from a year earlier, also in line with expectations. However, industrial production figures disappointed, showing a 6.1% jump versus expectations of a 6.4% increase.

Analysts Mike van Dulken and Henry Croft at Accendo Markets said: “A lukewarm open follows a mixed Asian session where investors failed to derive any excitement whatsoever fromspookily stable Chinese GDP growth of 6.7% (that’s three quarters in a row!) that puts the world’s number 2 economy on track to meet its full year target. Faster growth for retail sales was offset by weakness for industrial production. The GDP stability leads some to ask whether more aggressive measures might be dared to try and calm credit and property-inflated bubbles. Delicate.”

In corporate news, online retailer Zalando gained ground after it posted a third-quarter profit versus expectations of a loss and lifted its 2016 earnings forecast.

Metro AG edged higher despite reporting a small drop in fourth-quarter sales, as it confirmed its outlook for the year.

Carrefour was on the front foot after the French supermarket’s third-quarter revenue beat expectations

On the downside, Dutch coatings and paints maker Akzo Nobel declined after it said quarterly sales dropped 4%.

Builders’ merchant Travis Perkins slumped after it warned on full-year profit and announced the closure of 30 branches.

Consumer goods giant Reckitt Benckiser fell after its third-quarter sales missed expectations, while BHP Billiton slipped after it posted a drop in quarterly iron ore production.