Apr 14, 2016 07:02 AM EDT
European shares jumped to reach record high on Wednesday after Chinese export rebound. Mining and financial stocks led the charge to lift FTSE 100 and European shares.
The Telegraph reported that FTSE 100 charged to reach the highest level since December 3 following surge of Chinese export. Investors also took risk to collected riskier assets after China's robust trade data. China reported a 11% increase of its export which trigger a rally in the mining stocks.
China, the world-largest metal consumers showed a recovery as zinc reach its eight-month high, increasing 3% to reach $1,888 a tonne. Investors also started to incline toward commodities, However, an IG analyst Joshua Mahony alerted the current condition has not represented the full recovery of the second largest economy in the world.
"While it may be too soon to conclude that the worst is over for China, this revival in exports helps restore confidence as investors pile into commodity stocks once more," he said.
Nevertheless, positive data from China has driven European stock market to continue to rally on Wednesday. CNBC reported that FTSE 100 index climbed above the 6,300 level for the first time in 2016, while Stoxx Europe 600 rose around 2%. Other index also followed suit, as Pan-European FTSEurofirst 300 index surged 2% and the Eurozone's blue-chip Euro STOXX 50 index was also up 2.5%.
Financial and mining company are the best performers in the Wednesday rally, with Anglo American climbed 7.2% while Rio Tinto rose 4.3%. Rising of European stock market on Wednesday marked a a two-week high.
Earlier this week, European stock has also continued last week's gain. On Monday, Stoxx Europe 600 continue last week's rally which triggered by financial and commodity sectors. Italian bank Intesa Sanpaolo SpA and Spain's Banco Santander SA led the Monday's rally in financial sector. While in the commodity sector Anglo American Plc and ArcelorMittal led the rally advancing at least 2.9%.
Economist at Cassa Lombarda Marco Vailati told Reuters to be cautious of the positive impact on the sentiment which may be short lived. As the strong figure of Chinese headline was also distorted by calendar effects.
"Investors may be rushing to cover short position with volatile markets creating profit opportunities, such as in the case of Italian banks which have gone through wild price swings," Vailati said.
As financial sector also improved along with mining, Italian banks also enjoyed the positive sentiment. Shares of Italian banks increased 6.4% enable them to recover from previous sesssion sell-off.
FTSE 100 rose on Wednesday to reach record high since December. While European shares continued to rally following China positive report. The rally in European stock markets on Wednesday was led by financial and mining sectors.
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