European shares rose for a second day on Thursday, as investors took heart from ...
- European shares rose for a second day on Thursday, as investors took heart from a stronger-than-expected rebound in Chinese exports and steadying of the yuan after a week of turmoil sparked by an escalation in U.S.-China trade tensions.
The pan-European STOXX 600 index was up nearly 1% with more than 91% of the companies on the index in positive territory, recovering from a three-day rout that began late last week. Data showed July exports in China rose 3.3% from a year earlier, the fastest since March, overturning analyst forecasts for a 2.0% drop. Imports fell almost 6% although that was not as bad as a consensus forecast for an 8.3% drop.
“The yuan fixing was an important signal from China that investors are taking comfort from and it was also a move to prohibit capital outflows from China,” said Teeuwe Mevissen, Senior Market Economist at Rabobank.
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