EUROPE Markets rises on China reopening, German industrial production data

European stock markets advanced on Monday, 09 January 2023, as risk sentiments improved on full reopening of the world's second-biggest economy and expectations of slower rate hikes by the U.S. Federal Reserve as well as stronger-than-expected German industrial production data.

At 11:00 GMT, the pan European Stoxx 600 index was up 0.3% to 445.76. The U.K.'s FTSE 100 index fell 0.1% to 7,691.31. France's CAC40 index advanced 0.04% to 6,863.60. Germany's DAX index added 0.3% to 14,652.22. Switzerland's Swiss Market index added 0.2% to 11,167.37.

Market commenced trading with a firm footing as risk sentiments improved on news of a slowdown in US wage growth, which eased investor worries on the US Federal Reserve's stance on monetary policy.

Meanwhile, sentiments strengthened further as China opened sea and land crossings with Hong Kong on Sunday and ended a requirement for incoming travellers to quarantine, dismantling a final pillar of a zero-COVID policy.

The first day of China reopening on Sunday saw as many as 45,000 people crossing the Hong Kong-mainland China border on either direction at four land ports and one ferry terminal, according to provisional immigration figures.

This is likely to result in a boost to the country's economic activity, which would have a wider impact given China's importance as a regional growth driver and as a key market for European exporters.

In CORPORATE NEWS: Nordex AG shares jumped 3.2% after a German wind turbine maker said it had received an order from a utility in the end of 2022 to supply and install ten N149/4.X turbines for a wind farm in North-Rhine Westphalia, Germany.

Ipsen shares fell about 1% after the French biopharmaceutical company entered into a merger deal with Albireo, a rare disease company focused on the development of bile acid modulators to treat pediatric and adult liver diseases.

Automaker Renault shares fell 1.6% as it announced the success of its Renaulution Shareplan for Group employees.

AstraZeneca stocks fell 0.9% after the U.K.-based drugs giant announced plans to buy U.S.-based clinical-stage biopharmaceutical firm CinCor Pharma in a deal valued at about $1.8 billion.

Vodafone shares fell 0.5% after the British telecom group said it had agreed the sale of its Hungarian business to local IT company 4iG and the Hungarian state for 1.7 billion.

ECONOMIC NEWS: German Industrial Production Rebounds- German statistics office Destatis said output rose 0.2% on the month, partially reversing a 0.4% decline in October. The previous month's number was revised down, however, from an originally-reported 0.2% decline.

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