European markets set for mixed open as Chinese data points to economic recovery

European markets are expected to open mixed after positive data from China reassured investors concerned about a global slowdown.The FTSE is set to open 7 points lower at 7,462, while Germany's DAX is set to open 2 points higher at 12,103 and the French CAC index is expected to open up 3 points at 5,531, according to IG.

Asian stocks turned higher on Wednesday, after Chinese economic data beat expectations and showed gross domestic product in the world's second-largest economy grew by 6.4% in the first quarter. China's industrial output surged 8.5% year-on-year in March, while retail sales rose by 8.7% year-on-year.

MSCI's broadest index of Asia-Pacific shares outside Japan edged around 0.2% higher on the back of the data, and Japan's Nikkei index was up by a third of a percent. Market focus is also attuned to corporate earnings, with a string of U.S. companies releasing their first-quarter reports this week. Tuesday saw mixed results from Johnson & Johnson, L'Oreal and Netflix, with shares of the streaming giant falling after it provided lower-than-expected guidance for the second quarter.

BNY Mellon, PepsiCo and telecoms firm Ericsson are due to report their first-quarter earnings on Wednesday.

Whatever happened to the global slowdown? Did I miss it?

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