European stocks advanced to their highest level since May as mining companies rallied after a report showed Chinese industrial production increased at a faster-than-expected pace.
The Stoxx 600 added 0.6% to 305.92 at the close of trading, extending its advance this week to 0.6%.
National benchmark indexes advanced in all 18 western-European markets today:
In China, a report from the National Bureau of Statistics
showed that industrial output rose 9.7% in July from a year earlier,
more than the 8.9% median forecast. The world’s second-largest economy
grew at an annualized pace of 7.5% in the three months through June, the
fifth consecutive quarter that gross domestic product has grown by less
than 8%.
A gauge of commodity producers posted its biggest increase in almost 11 months.
Fresnillo Plc and Randgold Resources Ltd., which both mine
precious metals, rose 8.2% and 6.8%, respectively. Lonmin Plc jumped
7.7%. The Stoxx 600 Basic Resource Index added 4.6%, the best
performance of the 19 industry groups in the European equity benchmark.
Royal KPN NV soared 16%, the most in 15 months after
billionaire Carlos Slim’s America Movil SAB offered to take over the
Dutch phone company.
Telekom Austria AG, which is also partly owned by America Movil, soared 8.7%.
Nestle SA fell for a third day, loosing 1.3% for the largest drag on the Stoxx Europe 600 Index.
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