Industrials help European shares shrug off China data

  • Reuters
  • Stock Market News
Industrials help European shares shrug off China data
Credit: © Reuters.

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LONDON, July 16 (Reuters) - Strong industrials and pharma stocks helped European shares make hesitant gains on Monday while data showing slowing economic growth from China kept a lid on the market's progress.

The pan-European STOXX 600 .STOXX inched up 0.2 percent by 0725 GMT, in line with Germany's DAX , which is heavily exposed to China.

Basic resources .SXPP and autos .SXAP were among the worst-performing sectors as they are both reliant on solid Chinese growth, but industrials merger speculation helped outweigh the overall negative impact of the data.

The top European mover was drugmaker Indivior INDV.L , jumping 26 percent after a U.S. court blocked India's Dr. Reddy's Laboratories from selling generic versions of its bestselling opioid addiction treatment in the U.S. firm Kone KNEBV.HE drove gains among industrials, with a 1.7 percent gain after a report that the Finnish company and Germany's Thyssenkrupp had held merger talks on their elevator operations. Thyssenkrupp TKAG.DE rose 0.8 percent. in French technology consultancy firm Altran ALTT.PA climbed 3.8 percent after Friday's 30 percent plunge on the discovery of forged orders at its recently acquired U.S. business Aricent. recommendations also moved some stocks.

French publisher Lagardere LAGA.PA rose 4.2 percent after Morgan Stanley (NYSE: MS ) upgraded it to overweight, while British software firm Micro Focus MCRO.L fell 4 percent after a Credit Suisse (SIX: CSGN ) downgrade to underweight.

In the UK market, Debenhams DEB.L shares fell 5.6 percent after a Sunday Times report said credit insurers had cut cover for suppliers to the department store, which has issued three profit warnings this year.

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