European stocks gain on global growth data, despite inflation
European stocks rose on Friday and Wall Street was set to open higher as investor risk appetite was boosted by data pointing to economic growth, even as expectations for rate hikes kept euro zone government bond yields near multi-year highs.
At 1217 GMT, the MSCI world equity index (.MIWD00000PUS), which tracks shares in 47 countries, was up 0.3% on the day and set for a 0.8% rise on the week overall.
Stock markets gained in Asian trading, with investors optimistic about signs that the world’s second-biggest economy is making a steady rebound after the Chinese government ditched stringent COVID-19 controls in December.
Activity in China’s services sector expanded at the fastest pace in six months in February, driving a solid increase in employment, a PMI survey showed.
The positive market sentiment continued during the European session, with Europe’s STOXX 600 up 0.7% (.STOXX) and London’s FTSE 100 up 0.2% (.FTSE).
The recovery in euro zone business activity gathered pace last month, PMI survey data showed, in the latest piece of data to suggest the bloc will avoid a recession.
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