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European stocks lifted by stimulus hopes, China data

European shares rose for a third straight session on Thursday, as hopes of a large stimulus under incoming U.S. President Joe Biden and upbeat Chinese export data boosted sentiment.

The pan-European STOXX 600 index rose 0.3% by 0812 GMT, while Germany’s DAX index was up 0.3%. London’s FTSE 100 index gained 0.1%.

Global markets extended gains after CNN reported that Biden could spend $2 trillion in stimulus, which is much more than market expectations.

Meanwhile, data showed Chinese exports grew more than expected in December, as coronavirus disruptions around the world fuelled demand for Chinese goods.

Carrefour fell 6.0% after the French government raised concerns about its takeover by Canadian convenience-store operator Alimentation Couche-Tard.

Chipmakers received a boost after Taiwan’s TSMC posted a record high quarterly profit due to demand for devices requiring high-end chips.

Semiconductor equipment makers ASML and ASMI jumped almost 4% after Barclays boosted its price target on the stocks.
Source: Reuters (Reporting by Amal S in Bengaluru; editing by Uttaresh.V)

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