Economy

China reprieve lifts European shares, Adidas disappoints

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European shares rose for a second day on Thursday, as investors took heart from a stronger-than-expected rebound in Chinese exports and steadying of the yuan currency after a week of turmoil centred on a renewed escalation of U.S.-China trade tensions.

Down as much as five per cent in a three-day rout that began late last week, the pan-European STOXX 600 index was up 0.8 per cent on the day by 0714 GMT, adding to a minimal rise on Wednesday and with the tech sector.SX8P leading gains.

Latest earnings showed disappointing second-quarter sales from German sport-wear company, Adidas, sending its shares down 1.5 per cent, while Thyssenkrupp gained two per cent in the face of a fourth profit-warning that traders said was already largely priced in.

Data showed July exports in China rose 3.3 per cent from a year earlier, the fastest since March, overturning analyst forecasts for a two per cent drop.

Imports fell almost six per cent, although that was not as bad as a consensus forecast for an 8.3 per cent drop.

AIB

Edited by Abdulfatah Babatunde

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