European shares up despite faltering Chinese weak bank data

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European shares up despite faltering Chinese weak bank data

On Friday, February the 1st, 2019, the European shares ended the day higher, as fresh optimism over US-China tariff conflict and an upbeat US job data in January, had offset the impacts of gloomier euro-zone macro data, alongside much-softer bank earnings.

As the European indexes extend its new year rally for fifth straight week in a row, the Pan-European index, STOXX 600 was 0.30 percent up, while most of the European markets closed the day in the positive territory.

Citing statistics, the London’s FTSE 100 posted a gain of 0.74 percent to 7,020.22 and the Paris posted a surge of 0.53 percent to 5,019.26, while the Frankfurt’s DAX, heavily exposed to Chinese export had not yet signaled an upbeat market momentum and remained almost flatlined for three days in a row.

Germany’s DAX 30 closed the day with a gain of 0.07 percent to 11,180.66, while the Energy sectors remained the most buoyant with a gain of 1.04 percent, and echoing the leads of Chinese factory data, the Cyclical goods & service sectors dwindled over 0.70 percent in the intra-day trading and the trade-sensitive assets, European auto makers surged by 1 percent to a three-month high, after Trump expressed optimism over the progress of trade talks with China.