Investing.com - European stocks gained ground on Monday, helped by positive corporate earnings reports, although gains were expected to remain limited by slowing growth in China.
During European morning trade, the EURO STOXX 50 advanced 0.71%, France’s CAC 40 climbed 0.72%, while Germany’s DAX 30 gained 0.75%.
Earlier Monday, data showed that China’s economic growth slowed to 6.9% in the third quarter, down from 7% in the previous quarter. The figure is the country's slowest growth rate since 2009.
Financial stocks were broadly higher, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) advanced 0.82% and 0.83%, while Germany's Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) rallied 1.66% and 2.42%.
Deutsche Bank was boosted after the lender announced plans to reshuffle management in a move to reshape the company and rebuild relations with regulators.
Among peripheral lenders, Italy's Unicredit (MI:CRDI) and Intesa Sanpaolo (MI:ISP) rose 0.34% and 0.86% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) advanced 0.42% and 0.62%.
In earnings news, Christian Dior (PA:DIOR) climbed 0.47% after the luxury designer reported revenue that exceeded analysts' estimates.
Danone SA (PA:DANO) added to gains, with shares surging 2.63% after the yogurt maker said third-quarter sales beat analysts’ projections.
Shares in Metro AG ST O.N. (DE:MEOG) were up 2.92% after the German retailer reaffirmed its earnings target for the year and said it sees good Christmas results.
In London, FTSE 100 rose 0.28%, as U.K. lenders tracked their European counterparts higher.
Shares in HSBC Holdings (L:HSBA) edged up 0.15% and Lloyds Banking (L:LLOY) advanced 0.56%, while Barclays (L:BARC) jumped 1.06%. The Royal Bank of Scotland (L:RBS) underperformed, with shares easing down 0.09%.
Meanwhile, mining stocks moved broadly lower. Antofagasta (L:ANTO) tumbled 1.03% and Fresnillo (L:FRES) lost 1.65%, while Randgold Resources (L:RRS) plummeted 1.79% and Glencore (L:GLEN) plunged 2.61%.
Shire Plc (L:SHP) was also on the downside, with shares tumbling 1.88% after U.S. regulators asked for additional testing and information to approve a drug to treat dry-eye disease. The Irish company plans to resubmit its application next year.
In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.01% uptick, S&P 500 futures signaled a 0.04% gain, while the Nasdaq 100 futures indicated a 0.06% rise.