Europe Markets: European stocks lean higher after Chinese manufacturing data

This post was originally published on this site

European stocks advanced on Friday after surprisingly strong Chinese data, with key reports on the U.S. economy due to be released.

The Stoxx Europe 600 SXXP, +0.34%  rose 0.37% to 398.20, led by big oil companies including BP BP, +0.93%   and Total FP, +0.86%  .

Investors have turned to European stocks of late. According to data compiled by Jefferies, more inflows in the week to Oct. 30 went into European stocks, at $1.7 billion, than U.S. equities, at $1.6 billion. That’s the strongest inflows into European stocks in one-and-a-half years.

The German DAX DAX, +0.29%  increased 0.42% to 12921.21, the French CAC 40 PX1, +0.34%  added 0.31% to 5747.75 and the U.K. FTSE 100 UKX, +0.36%  rose 0.25% to 7266.42.

U.S. stocks struggled on Thursday, with the Dow industrials DJIA, -0.52%   down 140 points on a combination of concerns over U.S.-China trade talks and weak Chicago-area manufacturing data.

However, the China Caixin manufacturing purchasing managers index rose to the highest level in more than two years. Similar reports are due on Friday on U.S. manufacturing, as well as the monthly payrolls number, which according to a MarketWatch-compiled economist consensus should show 75,000 jobs created in October.

Of stocks on the move, Danske Bank DANSKE, -3.66%   fell 4.5% as the company said its 2019 profit will be at the lower end of its range. Its third-quarter profit rose 23%.

DSV Panalpina DSV, +7.51%  rallied 8% as the transport and logistics firm reported a stronger third-quarter operating profit than forecast on sea freight growth, in the first results since closing its Panalpina deal. The company also lifted its expectations of synergies from the Panalpina acquisition.

Add Comment