This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

European Stocks Rise as China's Economic Growth Increases

Stocks in this article: IGT RIO

LONDON ( The Deal) -- European stocks rose after the U.K. jobless rate fell to its lowest level in five and a half years and as China's economic growth increased for the first time in three quarters.

Asian stocks were mixed.

In London, the FTSE 100 was up 0.90% at 6,770.81, while in Frankfurt the DAX gained 1.1% to 9.826.44. In Paris, the CAC 40 added 1.31% to 4,361.74.

A report from Britain's Office for National Statistics showed the jobless rate fell to 6.5% in the three months through May, the lowest since late 2008, from 6.6% in the previous three-month period. 

Global markets also took encouragement from China, where GDP rose a better-than-expected 7.5% from April to June.

In Milan, Gtech rose 4.28% to 19.23 euros, after the gaming company announced an agreement to buy Las Vegas-based International Game Technology (IGT) for an enterprise value of $6.4 billion, including $1.75 billion in existing IGT debt. 

The combined entity, to be headquartered in the U.K. and traded on the New York Stock Exchange, will have more than $6 billion in annual sales. It joins IGT's leading game library and manufacturing and operating capabilities with Gtech's gaming operations, lottery technology and services.

In Lisbon, Banco Espirito Santo was up 18% at 0.449 euros after the head of Portugal's central bank said the bank's shareholders are willing to participate in a capital increase, after a second affiliate reportedly missed a debt payment. 

In Paris, shares in Casino Guichard-Perrachon rose 0.59% to 94.88 euros, after retailer posted higher-than expected second-quarter sales of €11.93 billion.

Among decliners, Royal Mail shed 0.16% to 487.30 pounds in London, after revealing it received a notice from French competition regulators about possible breaches of antitrust laws by one of its subsidiaries, GLS France. The company said that while it's too early to determine the amount or range of its potential loss, it is possible that it could be "material."

In Japan, the Nikkei fell 0.10% to 15,379, while in Hong Kong the Hang Seng gained 0.27% to 23,523.28. 

Asian and European markets alike drew encouragement from a report showing China's economic growth sped up for the first time in three targets, meeting the government's growth target for this year.

In Sydney, mining company Rio Tinto (RIO) rose 1.33% to 63.94 Australian dollars. The company said that second-quarter iron-ore production rose 11% while global iron ore shipments jumped 23%. CEO Sam Walsh said the company is being transformed into a "stronger, more disciplined business" delivering consistently strong cash flows and shareholder value.

Later Wednesday, investors will be looking to the U.S. for the June industrial production report.

EU leaders are also due to meet in Brussels to discuss expanding sanctions against Russia over the Ukraine conflict. The EU summit is is scheduled to start at at 6 p.m. local time and could go all night and into Thursday.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs