European Markets Mixed but Mining Shares Rise

European stocks closed mixed as investors priced in upbeat Chinese data and paid attention to earnings, while mining shares rose.

The pan-European Stoxx 600 climbed less than two points at 386.86, trimming its gains as most major European stocks moved lower. London's FTSE 100 rose 0.22 percent, France's CAC 40 fell 0.14 percent and Germany's DAX 30 lost 0.41 percent. Last week, the Stoxx 600 advanced 1.8 percent, the biggest gain since early May.

The upbeat second quarter gross domestic product reading released overnight from China helped boost bullish sentiment.

Advances in the basic materials group were led by mining stocks, which were supported following China's stronger than expected data. Data from China, a major consumer of industrial and precious metals, also revealed strengthening in industrial production and retail sales.

Weir Group led gains on the Stoxx 600 with advances of over eight percent after the company said it sees full-year revenue to exceed analysts' estimates.

Telenor was the second biggest advancer, rising almost eight percent as the Norwegian telecommunications firm increased its margin forecasts for this year after posting a solid second quarter.

European energy stocks traded mixed while financial stocks were under pressure.

News are provided by InstaForex