Investing.com – European stock markets rose on Friday, buoyed by stronger-than-expected growth data from China, overshadowing disappointing UK retail sales data.
At 03:05 ET (08:05 GMT), it was up 0.5% in Germany, 0.5% in France and 1% in the UK.
Chinese growth helps sentiment
China grew 5.4% in the fourth quarter from a year earlier, according to data released earlier on Friday, significantly beating analysts’ expectations and marking the fastest growth since the second quarter of 2023.
For the full year 2024, the world’s second largest economy grew by 5.0%, meeting the government’s annual growth target of around 5%. AND
China is a major export market for older European companies, and its economic slowdown has hampered growth this year.
Back in Europe, British unexpectedly fell in December, contracting 0.3% month-on-month in December after a downwardly revised 0.1% expansion in November.
“This was driven by a very poor month for food sales, which fell to their lowest level since 2013, with supermarkets particularly affected,” said ONS senior statistician Hannah Finselbach.
Otherwise, the final reading of the December Eurozone should be later in the session.
AstraZeneca gets drug boost
In corporate news, shares of AstraZeneca (NASDAQ: ) rose 1% after the pharmaceutical giant said the US FDA approved its drug to treat previously untreated mantle cell lymphoma in adults who cannot have stem cell transplants.
Across the pond, Wall Street earnings include those of State Street (NYSE:) and Citizens Financial (NYSE:) Group.
Crude set for weekly gain
Oil prices rose on Friday, heading for a fourth straight weekly gain with the latest US sanctions on Russian crude trade continuing to provide support.
By 03:05 ET, U.S. crude futures (WTI) were up 0.7% at $78.40 a barrel, while the contract was up 0.6% at $81.75 a barrel.
Both contracts are up about 3% so far this week.
Last week, the Biden administration announced expanded sanctions targeting Russian oil producers and tankers, likely to result in supply disruptions and higher prices.
