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 China said its imports fell far more than expected last month,
adding to concerns about the world's second-biggest economy's
contribution to global growth.
However, Chinese stocks, which have fallen some 40 percent since
mid-June, rose as some analysts calculated the data, which showed
exports on the other hand fell less than expected, could lead to
further policy easing in the coming months.
By contrast, Germany saw imports and exports hit record highs in
value terms in July, underlining strong foreign demand for goods
from Europe's largest economy.
"The German data is offering some relief that the European recovery
remains on track and German exports are not impacted too much by the
emerging market turmoil," Philippe Gijsels, head of research at BNP
Paribas Fortis Global Markets, said.
Worries over the Chinese growth outlook have led some analysts to
question whether a widely expected rise in U.S. interest rates might
be delayed, though some policymakers have suggested they would look
beyond the recent market turmoil.
The pan-European FTSEurofirst 300 index rose 2.1 percent, gathering
strength as the day progressed, with Germany's DAX index advancing
by a similar amount.
Britain's FTSE 100 index was up 1.7 percent.
Wall Street, which was closed on Monday for a holiday, was expected
to open up to 2 percent higher, according to stock index futures
<ESc1>.
OIL RISES
Earlier, Asian shares broke a six-day losing streak. MSCI's broadest
index of Asia-Pacific shares outside Japan was up 2 percent.
China's Shanghai Composite index closed 2.9 percent higher, albeit
in the lowest volume since late February after the government
unveiled on Monday a series of measures intended to curb
speculation. The CSI 300 index rose 2.6 percent.
Japanese stocks fell, partly reflecting the data from China, one of
its main trading partners. The Nikkei 225 index closed down
2.4 percent, taking it into negative territory for the year.
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The dollar strengthened against the safe-haven Japanese yen, last
trading up 0.7 percent at 120.09 yen and the euroheld steady at
$1.1160.
The dollar index, which measures the greenback against a
basket of currencies, fell 0.1 percent.
Yields on 10-year German government bonds , the euro zone benchmark,
were flat at 0.68 percent.
Oil prices rose after falling 3 percent on Monday, on concerns about
the economic outlook and as cooperation between crude producers to
curb oversupply looked unlikely.
Brent crude was 80 cents a barrel higher at $48.83 but well below
levels above $54 hit at the end of August.
Copper prices rose 2 percent to $5,256 a tonne as the Chinese data
showed imports of the metal held steady.
Gold held steady at around $1,119 an ounce after a four-day losing
streak as the dollar eased.
(Additional reporting by Saikat Chatterjee in Hong Kong and Atul
Prakash in London; Editing by Alison Williams)
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