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LONDON, April 16 (Reuters) - European equity futures rose on Wednesday, recouping some of the previous session’s losses after China reported economic growth a touch above forecasts, which helped support Asian stock markets.
The euro zone’s Euro STOXX 50 futures contract rose 1.4 percent, Germany’s DAX futures progressed by 1.1 percent while France’s CAC futures rose 1.3 percent by 0620 GMT.
China’s economy grew at its slowest pace in 18 months in the first quarter of 2014, official data showed on Wednesday, with signs of waning momentum already prompting limited government action to steady the world’s second-largest economy.
However, the Chinese data, which showed 7.4 percent growth, came in slightly stronger than the median forecast of 7.3 percent in a Reuters poll although it showed a slowdown from growth of 7.7 percent in the final quarter of 2013.
Investors also kept an eye on the crisis in Ukraine, where pro-Russian supporters in the east of the country have clashed with Ukrainian authorities.
“The markets are a bit firmer on the back of the Chinese data, which came in slightly better than expected,” said Darren Courtney-Cook, head of trading at Central Markets Investments Management.
“But I would still sell strength on the DAX. I can see the DAX moving up to around 9,400 points, but then failing to get there and going back down to 9,000,” he added.
Europe bourses in 2014: link.reuters.com/pad95v
Asset performance in 2014: link.reuters.com/rav46v ------------------------------------------------------------------------------ > GLOBAL MARKETS-Asian shares offer muted cheer to China growth > US STOCKS-Wall St ends higher as blue chips rally; Intel up late > Nikkei extends gains, SoftBank jumps on Alibaba earnings > TREASURIES-Yields fall on safety buying as Ukraine tensions rise > FOREX-Aussie off lows after China GDP; yen edges down > PRECIOUS-Gold struggles below $1,300; China demand concerns grow > METALS-Copper firms after losses, but slowing China growth weighs > Brent edges lower towards $109 after mixed China data
Credit Suisse said on Wednesday its first-quarter net profit fell by more than a third on the year as revenue from bond-trading activities tumbled.
Danone, which is aiming to rebuild its position in China after an infant formula product recall in Asia last year, said first-quarter sales fell 7.7 percent at its high-margin baby food division, less than analysts had expected.
Britain’s biggest retailer Tesco said it expected tough trading to continue as it posted a 6 percent fall in annual profit, its second straight year of decline.
Sweden’s Aktiespararna shareholders association is recommending that its members, mostly smaller investors, accept German automaker Volkswagen AG’s 200 crown per share offer to buy out minority stockholders in its Scania AB truck business.
BioAlliance Pharma said it agreed to buy Scandinavian biopharmaceutical company Topotarget to boost the companies’ scale and combine their pipelines of new drugs.
German industrial machinery and process engineering group GEA Group reported an increase in first-quarter revenue and affirmed its outlook for 2014.
Syngenta AG, the world’s largest maker of crop chemicals, expects weak currencies in emerging markets to have a bigger impact on full year earnings, as it posted a 2 percent rise in first quarter sales.
Ziggo reported a 4.3 percent fall in first-quarter adjusted EBITDA. (Reporting by Sudip Kar-Gupta, editing by Blaise Robinson)