LONDON: London's stock market rebounded Monday, with miners buoyed by solid Chinese economic growth figures, while eurozone indices were steady to slightly lower.
Asia equities mostly increased in value following another record close on Wall Street before the weekend.
In mid-afternoon trading, Paris was flat, while Frankfurt dropped 0.3 percent.
London's commodities-heavy FTSE 100 index however rebounded 0.4 percent as strong Chinese growth data bolstered demand hopes from the world's leading consumer of many raw materials.
Shares in mining giants Anglo American, Glencore and Fresnillo each jumped by more than two percent in value.
"Data released overnight from China has boosted Anglo American and Glencore since the open with the mining stocks both sitting on gains," said analyst David Cheetham at brokerage XTB.
The world's number two economy expanded an annualised 6.9 percent in the second quarter, beating forecasts in an AFP survey, and indicating it is stabilising after a years-long slowdown. The reading was the same as the previous three months.
XTB analyst Cheetham however sounded a note of caution.
"Whilst there remains a high degree of scepticism over the accuracy of data points from the Far East, the initial reaction has been positive and attracted buyers into London-listed stocks with exposure to China," he said.
China is trying to shift from an economy reliant on state investment to one powered by consumer spending. Its leaders are also attempting to clamp down on bad debt, which analysts fear could spark a financial crisis if not dealt with.
"Equity markets are positive into the new week," said Accendo analyst Mike van Dulken.
"The UK's FTSE is testing last week's highs as miners and oil welcome better than expected China growth data."
Germany's DAX meanwhile was underperforming as euro strength capped exporters' gains, the expert said.
- New boss lifts ITV -
In London, the star performer Monday is British independent television channel ITV with its shares jumping 2.6 percent to 179.60 pence.
ITV said EasyJet boss Carolyn McCall would become its chief executive from next year.
EasyJet stock gained 1.7 percent to 1,435 pence.
"McCall, who has built and led the management team that has transformed EasyJet's performance in the past seven years, sees amazing opportunities for ITV and will take up her role there in early January," noted Russ Mould, investment director at stockbroker AJ Bell.
Back in Asia, Shanghai equities pared steep early losses thanks to the stronger than expected growth figures.
But Shanghai stocks still fell 1.4 percent after a top-level government policy-setting conference at the weekend promised an extended crackdown on risks in the financial system.
The country's second exchange in Shenzhen dived 4.3 percent while the ChiNext gauge, a Nasdaq-style index in Shenzhen, plunged 5.1 percent to a near thirty-month low.
Since April, China has launched an aggressive crackdown on risky lending as warnings mounted over a looming debt crisis due to runaway credit.
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