European Stocks Rise on Chinese Data

European stocks rose on Monday (November 16th), hovering near nine-month highs after strong Chinese data and hopes for a COVID-19 vaccine renewed bets on a faster economic recovery.

Chinese factory production increased faster than expected in October and retail sales rose as the recovery momentum in the world’s second largest economy from the repercussions of Covid-19 intensified.

The European Stoxx600 index rose 0.7% by 08:05 GMT, with banking and travel stocks posting the highest gains.

Vodafone Group, the second-largest mobile operator in the world, advanced 2.6% after it said it increased confidence in its full-year performance after a weak performance in the first half.