Europe open: Shares edge ahead on Wall St, China data
European shares crept ahead at the open on Wednesday on the back of a Wall Street and strong data from China.
The pan-European Stoxx 600 was up 0.2% at 477.68, with major regional bourses mixed in the final trading week of the year.
Miners gained after data showed manufacturing activity in China improved last month.
"There are hopes of a soft landing for the US as inflationary forces slow, borrowing costs are forecast to drop and consumers remain resilient. There are also expectations that authorities in China will move to stimulate the economy through lower borrowing costs next year," said Hargreaves Lansdown analyst Susannah Streeter.
"Mining stocks are among the biggest gainers in early trade as investors assess the potential knock-on effects to demand for metals and minerals if growth is more robust in 2024."
"The breaks aren’t yet being applied to the Santa rally, as investors eye up interest rate cuts as early as March in the US. However, the full effect of painful borrowing costs has yet to be felt, and given the other challenges facing nations next year, from climate change and debt management, pessimism still risks creeping back in."
In equity news, Vestas shares climbed more than 6% at one stag after the Danish wind turbine maker won a major order in Australia. Sector peer Siemens Energy gained on the news.
Bayer rose after the German chemicals company said it had won a trial in a lawsuit brought by a California man who said he developed cancer from exposure to its Roundup weedkiller.
Reporting by Frank Prenesti for Sharecast.com