(Adds quote, futures)
LONDON, Nov 11 (Reuters) - European shares were set to edge higher on Wednesday, continuing a recovery from falls earlier in the week, as investors digested the latest batch of data from China.
Futures for the Euro STOXX 50, Britain’s FTSE 100, France’s CAC, Germany’s were up 0.1-0.4 percent.
The pan-European FTSEurofirst 300 closed up 0.2 percent at 1,484.50 on Tuesday, turning higher after the euro hit a 7-month low against the dollar. The index remains down 1 percent so far this week.
European shares were set to rise following modest gains on Wall Street, with the commodities sector set to be in focus after mixed data from China.
Growth in China’s factory output eased in October while that for retail sales edged up and investment inched lower, indicating persistent downward pressures on the economy that may require further policy support.
“The weaker industrial output figures could apply further pressure to commodities today as demand growth continues to soften,” Craig Erlam, senior market analyst at OANDA, said in a note, adding that the broader market seemed resilient to weaker numbers from China.
“There was a fear that this could have been a trigger for another sell-off but Chinese markets in particular have been very resilient as any weakness in the data makes more monetary easing even more likely.”
Among earnings reports, Germany’s E.ON continued to suffer from record-low wholesale prices and posted its biggest ever net loss following 8.3 billion euros ($8.92 billion) in impairment charges on its German power plants and oil and gas activities.
With 79 percent of STOXX 600 companies having reported results, 50 percent have missed earnings expectations.
The biggest cancer drug maker won U.S. Food and Drug Administration approval for Cotellic to be used in combination with the company’s Zelboraf drug to treat BRAF V600 mutation-positive advanced melanoma.
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Novartis said its heart failure medicine Entresto(TM) cuts 30-day hospital readmissions.
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Lufthansa cancels 930 flights on Wednesday after cabin crews continued what is shaping up to be the longest strike in the German airline’s history, even after a court ruled it must stop Tuesday’s walkout at one airport.
The carmaker has dampened hopes for quick results from an investigation into its rigging of diesel emissions tests and said developing a fix for the affected cars rather than finding the root cause of the manipulations is its top priority.
Spain’s Endesa said earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 2.8 billion euros ($3.0 billion) in the first 9 months, up 11.5 percent from a year earlier
Spanish wind power company Gamesa posted in-line results on Tuesday.
0700 DE Wholesale Price Index
0930 GB Claimant count, ILO unemployment, average earnings
1200 US Mortgage Market index, MBA Purchase
------------------------------------------------------------------------------ > GLOBAL MARKETS-Asia shares anxious ahead of China data > US STOCKS-Small gain on Wall St as investors eye rate hike > Nikkei flat, Apple suppliers underperform > TREASURIES-U.S. bond prices rise after solid 10-year auction > FOREX-Euro wobbles on Portuguese risk > PRECIOUS-Gold edges up as dollar dips, still near 3-mth low > METALS-Copper teeters near 6-yr low, markets eye China data > Oil prices drop on rising stockpiles, Japan recession fears
Reporting by Alistair Smout