LONDON Nov 9 European shares edged off one-week
lows on Friday, helped by fresh forecast-beating data from China
and a solid gain for Danish drugmaker Novo Nordisk
after one of its products gained U.S. approval.
Sentiment remained fragile, however, given persistent
concerns over the near-term U.S. fiscal outlook and the funding
needs of austerity hit Greece.
At 0818 GMT, the FTSEurofirst 300 index of top
European shares was up 0.1 percent at 1,099.30 points, after
falling 0.2 percent in the previous session.
China's annual industrial output growth rose more than
expected in October and fixed asset investment ticked higher,
further raising expectations of a modest rebound in the last
"The pace of growth of 8 or 9 percent that we saw over the
last few years will probably not return, but that's not what is
in the price. What's in the price is slowing economic growth, so
if we see some resilience in the Chinese economy then that will
be rewarded by higher prices," Gerard Lane, equity strategist at
Shore Capital, said.
"You would want to be long on China-exposed companies and on
the emerging market-orientated stocks such as luxury goods. That
would provide cyclical risks in portfolios, which should
otherwise be very defensive because elsewhere in the world
things are slowing, if not contracting."
Leading gainers across the FTSEurofirst 300 was Novo
Nordisk, up more than 10 percent after an advisory panel to the
U.S. Food and Drug Administration late on Thursday voted to
recommend approval of its long-acting insulin degludec.