LONDON, Aug 10 (Reuters) - Disappointing economic data out of China failed to derail European equities on Monday, with markets opening in positive territory and traders citing a catch-up rally after underwhelming U.S. jobs data on Friday.
There was also more optimism over Greece as official comments pointed to a speedy wrap-up to bailout talks designed to save the country from financial ruin.
The FTSEurofirst 300 index was up 0.3 percent at 0709 GMT, with benchmark indexes in Paris and Frankfurt up around 0.5 percent.
European equities ended last week on a downbeat note after U.S. jobs data reinforced expectations of a U.S. interest rate rise soon. Traders said Monday would see some catch-up gains in Europe following a late recovery on Wall Street and a slight push higher in Asia, where China’s stock markets got a lift on investor expectations of yet another round of policy stimulus.
“The gut reaction to the (U.S.) non-farm payrolls was to sell, but...we saw U.S. markets pare back a significant portion of their initial losses and we’re seeing that filter into today’s open,” Jonathan Sudaria, a trader at London Capital Group, told clients. (Reporting by Lionel Laurent, editing by Liisa Tuhkanen)