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U.S. Stocks Open Roughly Flat

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07/15/2019 | 09:50am EDT

By Avantika Chilkoti and Shen Hong

-- U.S. shares open mixed, Europe stocks rise

-- Chinese stocks rise after weak GDP data

-- Galapagos shares rise more than 18%

U.S. shares opened near flat Monday morning after Chinese stocks inched higher after new data showed economic growth slowed to its weakest pace since 1992, raising expectations that Beijing would introduce stimulus measures to support the economy.

In the U.S., the Dow Jones Industrial Average traded between gains and losses of less than 3 points in the opening minutes of trading. The S&P 500 rose less than 0.1% and the Nasdaq Composite advanced 0.2%.

In China, data showed growth in the world's second-largest economy decelerated to 6.2% in the second quarter. The Shanghai Composite Index closed 0.4% higher after falling by as much as 1.5% in the morning session.

"The numbers don't look good and there are expectations for further credit loosening," said Deng Wenyuan, a Suzhou-based analyst at Soochow Securities Co.

U.S. futures edged slightly higher. Shares in Carrizo Oil & Gas were up 10.5% and shares in Callon Petroleum dropped 10.9% in premarket trading. Callon Petroleum announced on Monday that it would buy Carrizo Oil & Gas for $1.2 billion in stock.

Boeing's stock fell by 1.2% in premarket trading after some Federal Aviation Administration officials and pilot-union leaders suggested the company's 737 MAX planes are unlikely to be ready to carry passengers again until 2020.

The Stoxx Europe 600 wavered in morning trade. Shares in Galapagos, the Belgian biotech group, rallied 16.7% in morning trading following the announcement of a large infusion of cash. Gilead Sciences has said it would pay $5.1 billion to boost its stake in the company and gain rights outside Europe to its treatments in development.

Meanwhile, Anheuser-Busch InBev was among the biggest losers in European equity markets after the group called off the nearly $10 billion listing of its Asian business. The initial public offering would have been the largest this year. Shares in the brewer were down 1.1% in Europe.

Investors will be watching closely as earnings season begins this week. Shares in Citigroup were up 0.8% in premarket trading after the bank posted its results Monday, reporting that second-quarter income was up 7% from a year ago.

Write to Avantika Chilkoti at Avantika.Chilkoti@wsj.com and Shen Hong at hong.shen@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CALLON PETROLEUM COMPANY 1.28% 3.97 Delayed Quote.-38.83%
CARRIZO OIL & GAS, INC. 1.76% 7.81 Delayed Quote.-30.82%
CHINA-SHANGHAI COMP -0.41% 2978.71 End-of-day quote.19.25%
DJ INDUSTRIAL -0.08% 27001.98 Delayed Quote.15.75%
NASDAQ 100 -0.29% 7920.208817 Delayed Quote.23.92%
NASDAQ COMP. -0.30% 8124.183658 Delayed Quote.21.43%
S&P 500 -0.20% 2989.69 Delayed Quote.19.26%
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