Europe open: Shares up as investors mull UK GDP; Admiral surges

15th Aug 2024 08:16

(Sharecast News) - European stocks were higher at the open on Thursday as investors digested UK GDP figures and the monthly China data dump.

The pan-regional Stoxx 600 index was up 0.38% at 506 in early deals.

Retail sales in China rose more than expected last month but industrial production was below forecasts, official data showed on Thursday.

Retail sales rose by 2.7% in July from a year ago, beating forecasts of 2.6% growth. However, industrial production rose by 5.1%, below estimates of 5.2%. Fixed asset investment fell 10.2% in the year to date, compared with a 10.1% decline in June.

Unemployment rose for the first time since February, hitting 5.2%, compared to 5% in June.

The UK economy grew 0.6% in the second quarter, down slightly on 0.7% growth in the first quarter but in line with expectations, according to data released on Thursday by the Office for National Statistics.

The figures also revealed that on a monthly basis, the economy showed no growth in June, as expected.

In equity news, Admiral shares surged 9% as the UK insurer reported a jump in half-year profits and paid a special dividend to shareholders.

Reporting by Frank Prenesti for Sharecast.com