Stocks in Europe advanced as economic data from China lifted mining shares after a day of market turmoil sparked by the latest shakeup in the Trump administration. The euro slipped as Mario Draghi said recent gains weren’t all warranted by economic fundamentals.

The Stoxx Europe 600 Index reversed some of Tuesday’s 1 percent drop, with raw-material producers outperforming after factory output and investment growth in China unexpectedly accelerated. U.S. equity-index futures also climbed. Benchmarks dropped across Asia earlier after the sudden firing of U.S. Secretary of State Rex Tillerson. U.S. Treasuries held onto yesterday’s gains while the dollar edged lower. Crude oil halted a decline.

The Chinese data boosted most industrial metals, with copper heading for a two-week high. That helped lift investors’ spirits after a day in which U.S. political risks rocked markets. Traders will now look to Wednesday’s data on retail sales and wholesale prices as the Federal Reserve prepares to review policy next week.

Meanwhile, Draghi said in a speech the euro’s recent gains were due to more to external factors than euro-area economic growth, and might weigh on inflation. The European Central Bank president also noted that adjustments to monetary policy will remain predictable as policy makers look for further evidence that inflation is moving in the right direction.

Tillerson’s ouster raised concerns of a new guard in the White House that may take a harder line on trade, advancing President Donald Trump’s agenda of imposing tariffs. Trump nominated CIA director Mike Pompeo, an ex-congressman who has endorsed “pushing back against the Chinese threat,” to replace Tillerson. The change comes as the administration considers tariffs on a broad range of Chinese imports, with Politico reporting one proposal is to take measures against more than $30 billion of goods a year.

Here are some of the key things happening this week:

U.S. retail sales and wholesale price data are out on Wednesday. Inflation data Thursday is a focal point in the euro area. Also this week, Germany’s Angela Merkel is inaugurated to a fourth term, and EU27 government officials discuss the European Union’s Brexit position. New Zealand GDP data is out Thursday. The U.K. is expected to set out retaliation measures today against Russia over a nerve agent attack on its territory. Meanwhile, Russians will go to the polls on Sunday to vote in a presidential election that Vladimir Putin is widely expected to win.
And these are the main moves in markets:

Stocks

The Stoxx Europe 600 Index rose 0.3 percent as of 10:56 a.m. London time. The U.K.’s FTSE 100 Index gained 0.3 percent. Germany’s DAX Index increased 0.3 percent. Futures on the S&P 500 Index climbed 0.3 percent. The MSCI Asia Pacific Index fell 0.5 percent. Japan’s Topix index dropped 0.5 percent, Hong Kong’s Hang Seng sank 1 percent, South Korea’s Kospi lost 0.3 percent and Australia’s S&P/ASX 200 slid 0.7 percent.

Currencies

The Bloomberg Dollar Spot Index dipped 0.1 percent to the lowest in a week. The euro dipped 0.1 percent to $1.2373. The British pound gained less than 0.05 percent to $1.3962. The Japanese yen rose 0.1 percent to 106.50 per dollar.

Bonds

The yield on 10-year Treasuries decreased less than one basis point to 2.84 percent. Germany’s 10-year yield rose less than one basis point to 0.62 percent. Britain’s 10-year yield dipped one basis point to 1.49 percent. Japan’s 10-year yield fell less than one basis point to 0.05 percent.

Commodities

West Texas Intermediate crude climbed 0.6 percent to $61.09 a barrel. Gold declined 0.1 percent to $1,325.62 an ounce. LME copper climbed 1.1 percent to $7,018.50 per metric ton, the highest in more than two weeks. — Bloomberg

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