European markets advancing on industrial output data (AP) (12-03-2010)

LONDON (AP) -- European stock markets gained on Friday after reported stronger industrial production figures for January helped firm up belief that the recovery from recession in the 16 countries that use the euro may be stronger than previously thought.

The FTSE 100 index of leading British shares was up 18.60 points, or 0.3 percent, at 5,635.86 while Germany's DAX rose by 35.62 points, or 0.6 percent, to 5,964.25. The CAC-40 in France was 23.81 points, or 0.6 percent, higher at 3,952.76.

The euro was equally buoyant, spiking to a one-month high against the dollar after official figures showed that industrial production in the eurozone soared by a record 1.7 percent in January from the previous month.

With December now showing a 0.6 percent increase instead of a 1.7 percent fall, the annual rate turned positive for the first time since April 2008.

By late morning London time, the euro was 0.8 percent higher at $1.3786.

The attention in the markets later will center on key U.S. retail sales and consumer sentiment figures.

Source: AP