European stock, Asian shares gain on robust China economic data

Gulf Today Report 

European stock markets climbed on Friday following encouraging economic data from China. 

London's benchmark FTSE 100 index climbed 0.3 per cent to 7,006.38 points.

In the eurozone, Frankfurt's DAX 30 index grew 0.1 per cent to 15,276.56 points and the Paris CAC 40 won 0.1 per cent to 6,242.55.

Asian shares

Asian shares jumped on Friday following a report from China indicating economic expansion of 18% at an annual pace in the first quarter of the year. 

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Japan's benchmark Nikkei 225 gained 0.1% to finish at 29,683.37. 

Australia's S&P/ASX 200 recouped earlier losses, rising 0.1% to 7,063.50. 

South Korea's Kospi added nearly 0.2% to 3,199.88. Hong Kong's Hang Seng added 0.6% to 28,952.78, while the Shanghai Composite gained 0.7% to 3,423.30. 

In Japan, public inoculations have barely started and coronavirus cases have surged recently, officials are suggesting cancelling the Tokyo Olympics. 

Prakash Sakpal and Nicholas Mapa, senior economists for ING, said the markets are awaiting the outcome of a meeting between Japanese Prime Minister Yoshihide Suga and President Joe Biden, set for the weekend. 

According to data, China’s rebound in factory and consumer activity after the pandemic is levelling off.