Europe open: Stocks waver as investors weigh Chinese data in quiet trade

European equities wavered in early trade as investors weighed disappointing Chinese data against record highs in US stock markets.

At 0855 BST, the benchmark Stoxx Europe 600 index and France’s CAC 40 were up 0.1%, while Germany’s DAX was off 0.2%.

Dave Jeal, head of investment products at Interactive Investor, said: “With little by way of financial indicators to drive the market at present, expect more of the same, overall steady, outlook over the short-term whilst bursts of opportunity to be found below the surface: keeping a close eye on the detail could make it your perfect summer.”

At the same time, oil prices were a touch firmer. West Texas Intermediate up was up 0.4% at $43.66 a barrel and Brent crude was 0.2% higher at $46.11.

On Thursday, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq all set fresh records.

Meanwhile, data released earlier showed industrial output and retail sales in China missed expectations in July.

Retail sales were up 10.2% on the year, down from 10.6% growth the month before and below expectations of 10.5%. Industrial production in the world’s second-largest economy grew 6% on the year, down from 6.2% the month before and falling short of estimates of 6.1% growth.

Elsewhere, fixed asset investment growth came in at 8.1% on the year for January to July, missing expectations of 8.8%.

Corporate news was thin on the ground on Friday.

Moller-Maersk rallied after the Danish shipping and oil company’s second-quarter earnings topped analysts’ expectations.

Drax got a boost after HSBC upgraded the stock, while Zalando benefited from a target price lift from Exane BNP Paribas.

On the data front, the second release of second-quarter eurozone gross domestic product is at 1000 BST, along with industrial production figures for the bloc. In the US, retail sales are at 1330 BST, while University of Michigan consumer sentiment and business inventories are at 1500 BST.