(Bloomberg) -- European equities climbed at the open as a rebound in China manufacturing index buoyed automaker and luxury shares.
The Stoxx Europe 600 Index added 0.5 percent after gaining 3.9 percent in February. Kering rose as much as 4.3 percent and LVMH increased 1.9 percent.
Investors remain on the sidelines of the new-year rally as European equity funds saw another weekly outflow, with $4.1 billion leaving in the week through Feb. 27, according to the Bank of America and EPFR Global data. The latest reading on China's economy beat expectations, boosting optimism that global growth isn't stalling just yet.
“The probability that European stocks will continue rising is high. If you're not invested right now, you're at risk of missing out on profits because the market will consolidate at some point,” said Tristan D'Aboville, an analyst with William O'Neil & Co.
To contact the reporter on this story: Ksenia Galouchko in London at kgalouchko1@bloomberg.net
To contact the editors responsible for this story: Blaise Robinson at brobinson58@bloomberg.net, Monica Houston-Waesch
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