Trading

Global market: China’s reprieve lifts European shares

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 currency after a week of turmoil centred on a renewed escalation of U.S.-China trade tensions.

Down as much as five per cent in a three-day rout that began late last week, the pan-European STOXX 600 index was up 0.8 per cent on the day by 0714 GMT, adding to a minimal rise on Wednesday and with the tech sector.SX8P leading gains.

Latest earnings showed disappointing second-quarter sales from German sport-wear company, Adidas, sending its shares down 1.5 per cent, while Thyssenkrupp gained two per cent in the face of a fourth profit-warning that traders said was already largely priced in.

Data showed July exports in China rose 3.3 per cent from a year earlier, the fastest since March, overturning analyst forecasts for a two per cent drop.

Imports fell almost six per cent, although that was not as bad as a consensus forecast for an 8.3 per cent drop.

The yuan recovered some ground against the dollar, although the PBOC set its official midpoint below the seven to the dollar threshold for the first time since the global financial crisis.

Source: Voice of Nigeria