European markets as investors digest Chinese growth data

LONDON — European stocks rose on Monday as investors digested a slew of corporate news and the latest growth data out of China.

Credit Suisse shares were trading down about 1.7% at 8:20 a.m. London time.

Elsewhere, Unilever said on Monday it considers GSK’s consumer arm a “strong strategic fit.” GSK confirmed over the weekend that it had rejected a bid – estimated at £50bn ($68.4bn) – for its consumer healthcare division.

Shares of Unilever slid 6% on Monday morning, while GSK rose more than 5%.

Investors were also watching the latest meeting of Eurogroup finance ministers in Brussels. Data releases from Europe on Monday include consumer price data for Italy for December and final inflation data for the euro zone for December.

China’s GDP

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Economists feared Monday’s data would point to slowing growth, in part due to factors including China’s tough measures to contain the omicron Covid variant as well as problems in its housing sector and sluggish consumption.

Chinese stocks rose Monday in a mixed trading session across Asia-Pacific, with the Shanghai composite adding 0.32% while the Shenzhen component gained 0.89%.

US markets are closed on Monday for Martin Luther King Jr. Day.

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– CNBC’s Saheli Roy Choudhury contributed to this market report.