LONDON ( The Deal) -- European stocks rallied on Wednesday following better-than-expected Chinese trade data and as oil prices pulled back from their worrying descent to $30 a barrel.
After dipping below the psychologically important threshold Tuesday, West Texas and Brent crude contracts both rose more than 2.8%, taking them comfortably over $31 a barrel.
In China, trade data for December showed rising exports and a smaller-than-forecast decline in imports. The data didn't help Chinese markets but other Asian indices surged in its wake.
In Europe, stocks remained up despite disappointing industrial output for the eurozone in November, when the month-on-month decline in production was a worse-than-expected 0.7%.
In London, the FTSE 100 was up 1.25% to 6,003.09 by late morning. In Frankfurt, the DAX climbed 1.33% to 10,118.50. The CAC 40 in Paris rose 1.74% to 4,455.13.
Mining stocks including Rio Tinto (RIO) , Glencore (GLNCY) and Anglo American (AAUKF) rose in London, Tesco (TESO) extended Tuesday's 6.7% gain, rising well over 3% and Tullow Oil (TUWOY) posted double-digit share price gains after reporting progress on capital expenditure cuts and noting that clever hedging allowed it to protect revenue.
After Tuesday's preemptive 3.3% rise, food retailer J Sainsbury (JSAIY) slipped more than 2% in London on confirmation of sales figures over the Christmas period that were better than previously expected.