Title: European shares edge higher; weak China data stokes worries

August 15, 2022 03:50 AM ET

By: AnalysisWatch

European stocks rose slightly Monday, helped by renewed gains in health care shares, while signs of a slowing Chinese economy triggered a flight to sectors such as telecoms and consumer staples, normally considered immune to the business cycle.

The pan-European STOXX 600 index was up 0.3% by 03:20 AM ET after hitting a two-month high at the open.

AstraZeneca rose 2.6% after the drugmaker said its cancer drug Enhertu, co-developed with Japan's Daiichi Sankyo, delays the progression of a form of advanced breast cancer in already-treated patients.

HelloFresh jumped 8.1% after the German meal kit maker reported better-than-expected quarterly results.

Henkel slipped 1.3% after the German consumer goods company said rising material costs weighed on first-half earnings.

China-listed automakers and miners slipped after the country's central bank unexpectedly cut key interest rates to revive demand after economic data showed an unexpected slowdown in July.