European stocks rise, weak Chinese data raises concerns

European shares rose on Monday, boosted by fresh gains in healthcare shares. At the same time, signs of a slowing Chinese economy sparked a flight to sectors such as telecoms and important consumer products that are usually seen as immune to economic cycles.

The pan-European Stoxx 600 index rose 0.3 percent by 0720 GMT, after hitting a two-month high at the open.

Healthcare stocks rose with AstraZeneca, which rose 2.6 percent, after the drugmaker said its cancer drug, Inherto, which was developed with Japan’s Daiichi Sankyo, was delaying the development of a form of advanced breast cancer for previously treated cases.

Hello Fresh shares jumped 8.1 percent after the German meal maker reported better-than-expected quarterly results.

Henkel shares fell 1.3 percent, as the German consumer goods group said higher material costs affected profits in the year’s first half.

Shares of automakers and miners exposed to China fell after the country’s central bank cut key lending rates in a surprise move to revive demand, as data showed the economy slowed unexpectedly in July.