European stocks boosted by Chinese trade data
European stocks gained on May 7. The markets were boosted by the positive Chinese trade data that surpassed the expectations.
By 08:20 GMT DAX gained 0.6%. CAC 40 gained 0.5%. FTSE index gained 0.3%.
Earlier this day Chinese government published report on its trade. Last month exports went up 3.5% on a year. This is an unexpected dynamic - according to the forecasts, exports were supposed to contract 15.1%. Meanwhile national imports dropped 14.2%.
Luis de Guindos - the VP of the European Central Bank - stated that more fiscal cooperation in EU is needed. He also warned, that the region is going into a severe recession and called for decisive actions in order to fight the crisis.
Meanwhile Zalando shares jumped up 10%. The German e-commerce platform promised a double-digit growth this year.
On the other hand, BT Group stock lost more than 8%. The group stated that the dividend payments will be suspended until 2022. The company is trying to save the budget to cover the restructuring efforts.