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Europe gains after China market rebound...Consumer credit data due...Eurozone growth upgrade

By The Associated Press | Posted - Sep. 8, 2015 at 4:40 a.m.



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TOKYO (AP) — European stocks rose today in early trading after a late rebound in Chinese markets despite trade data showing headwinds for the global economy. Japan's Nikkei 225 stock index sank 2.4 percent. Futures point to a strong start on Wall Street this morning. Benchmark U.S. crude was down $1.50 to just above $44.50 a barrel. The dollar gained against the yen and fell against the euro.

WASHINGTON (AP) — The Federal Reserve will release its consumer credit data for July this afternoon. Tomorrow, the Labor Department will release its job openings and labor turnover survey for July. Also due out this week are wholesale trade inventories for July from the Commerce Department, and the August Producer Price Index from the Labor Department.

BRUSSELS (AP) — Economic growth across the 19-country eurozone this year has been revised up to multi-year highs, in a further indication that the region managed to withstand the escalating crisis in Greece. Official figures from the European Union's statistics agency show that the eurozone economy grew by 0.4 percent in the second quarter from the previous three-month period, against the previous estimate of 0.3 percent. Eurostat also revised up growth for the first quarter to 0.5 percent.

BERLIN (AP) — German exports soared in July, outpacing an import rise to widen the country's trade surplus as a weaker euro helped bolster trade outside the eurozone. The Federal Statistical Office says exports rose 2.4 percent to 103.4 billion euros ($115.25 billion), adjusted for calendar and seasonal variations. Imports rose 2.2 percent to 80.6 billion euros for a 22.8 billion euro surplus.

HONG KONG (AP) — Chinese exports and imports contracted in August in the latest sign of weakness for the world's second-biggest economy. Customs data posted online today showed that shipments of goods last month shrank 5.5 percent in dollar terms compared with a year earlier while imports tumbled by 13.8 percent. The trade data along with other recent weak indicators will add further pressure on China's communist leaders as they try to keep the economy from slowing too fast and shedding too many jobs.

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The Associated Press

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