EDINBURGH, July 16 European shares gained in
early deals on Wednesday, buoyed by strength in miners after
Chinese growth slightly beat expectations, hinting at resilient
demand in the world's largest metals consumer.
The STOXX Europe 600 Basic Resources index rose 0.6
percent, a top sectoral performer, after the world's
second-largest economy posted quarterly growth of from a year
earlier, just ahead of a median forecast of 7.4 percent in a
The pan-European FTSEurofirst 300 rose 0.4 percent
to 1,363.63, recouping the previous session's losses.
Global miner Rio Tinto rose 1.5 percent after it
reported a sharp rise in iron ore output as it steps up
shipments to Chinese steel mills.
Rio is a top pick for analysts at Citi, who wrote in a note
to clients that recent Chinese economic data showed signs of a
Dutch chip toolmaker ASML, down 2 percent, and
Swedish telecom Tele2, down 0.7 percent, both
reported better-than-expected quarterly earnings but had a
cautious tone for their full-year outlook statements.
(Reporting by Alistair Smout; Editing by Lionel Laurent)