European Stocks Open Higher Despite Weak China Data
European stocks opened higher today despite weak data coming out of China.
The FTSE opened up 170 points in the green, while the DAX and CAC traded largely flat, hovering in and around their opening prices. The Stoxx 600 was up 1.8% in early trade.
Despite data showing that China’s exports have fallen for the seventh straight month, stocks across Europe seem to be following their Asian counterparts and largely discounting the weak China data. Could this be a sign that a slowing China is no longer so much of a concern to traders around the globe?
Later in the day, it’s worth keeping your eyes on European markets as the EU released balance of trade data and ECB President Draghi will make his speech. Previously, Europe’s balance of trade was 23.6B Euros in the green, with analysts forecasting that today’s number will come in at 21.4B.
The EU balance of trade number has serious market moving potential, and whether it comes in either above or below expectations, it’s worth focusing on and looking for trading opportunities in and around its release
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