Deutsche Bank reshuffle and Danone sales boost equities Copper falls as China posts slowest economic growth since 2009 European stocks rose and government bonds fell as investors focused on corporate earnings optimism after a mixed reaction in markets to Chinese growth data. Danone and Metro AG rose after results, and Deutsche Bank AG advanced after announcing a management shakeup designed to reshape the company. German and French bonds declined. While copper and nickel fell after China said gross domestic product expanded 6.9 percent year-on-year last quarter, South Korea’s won and Australia’s dollar gained. Turkish shares rallied after German Chancellor Angela Merkel voiced support for the nation’s efforts to join the European Union. “If you look at stocks and bond markets there is a moderate risk-on tone at the moment,� said Orlando Green, a fixed-income analyst at Credit Agricole SA’s corporate and investment-banking unit in London. “Chinese growth wasn’t as low as some were expecting. Markets are almost relieved they are not worse, so that may just ease concerns somewhat.� Earnings season is easing concerns about the global economy, with companies worldwide surpassing profit estimates including oil refiner Reliance Industries Ltd. and 76 percent of S&P 500 Index members that have reported so far. China’s economic slowdown was also less severe than economists had forecast, with stronger services and robust consumption helping offset weakness in manufacturing and exports. Stocks The Stoxx Europe 600 Index climbed 0.4 percent as of 9:57 a.m. in London. Deutsche Bank AG jumped as much as 3.9 percent after Co-Chief Executive Officer John Cryan started the bank’s biggest management shakeup in more than a decade and split its investment bank. Danone, the world’s biggest yogurt maker, gained as much as 2.0 percent after Chinese demand for foreign-made infant formula helped the company beat analysts’ third-quarter sales estimates. German retailer Metro rose about 3 percent after reiterating its full-year earnings target and forecasting good Christmas results. Commodity producers dropped after China said gross domestic product only expanded 6.9 percent year-on-year last quarter. Glencore Plc and Anglo American Plc fell more than 3 percent. Shire Plc lost 1.4 percent after U.S. regulators asked for additional testing and information to approve a drug to treat dry-eye disease. Standard & Poor’s 500 Index E-mini futures expiring in December were little changed, paring losses of as much as 0.4 percent as European markets opened. Morgan Stanley, Halliburton Co. and International Business Machines Corp. are among seven S&P 500 companies reporting earnings today. Currencies The won strengthened 0.7 percent to 1,121.14 a dollar, after earlier weakening as much as 0.3 percent, data compiled by Bloomberg show. The South Korean currency touched 1,120.61, the strongest since July 3. It has gained 5.7 percent this month, the best performance in Asia after Indonesia’s rupiah. Data on Friday will probably show that the nation’s economic growth quickened last quarter, according to economists surveyed by Bloomberg. Australia’s dollar rose to 72.91 U.S. cents, erasing a drop of as much as 0.3 percent to 72.39 cents. The South African rand added 0.2 percent. The euro was little changed at $1.1363 before European Central Bank policy makers meet this week in Malta. The dollar was also little changed at 119.30 yen. Bonds German government bonds declined along with French peers. Yields on 10-year bunds increased one basis points to 0.56 percent, after a slide of seven basis points last week, while yields on 10-year French government bonds rose one basis points to 0.92 percent. The yield on U.S. 10-year Treasuries added one basis point to 2.04 percent, after falling five basis points last week, while that on similar-maturity U.K. gilts added two basis points to 1.82 percent. Emerging Markets The Borsa Istanbul 100 Index rose 1.8 percent, heading for the highest close in more than two months. The lira gained 0.1 percent versus the dollar. Germany’s Merkel said she would support Turkish demands for progress in stalled EU membership talks and for 3 billion euros in aid, as she sought the country’s cooperation in resolving a refugee crisis. Commodities Gold dropped 0.4 percent to $1,173.25 an ounce, declining for a third day, after a private report on Friday showed a bigger-than-expected increase in consumer sentiment. That revived expectations that the Federal Reserve may raise interest rates. Silver fell 0.8 percent. Copper was 0.5 percent lower at $5,260 a metric ton, having earlier dropped as much as 1 percent. Nickel fell 1.2 percent and zinc lost 0.8 percent. West Texas Intermediate crude fell 0.9 percent to $46.84 a barrel, while Brent dropped 1 percent to $49.95.

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