24 Jul 2014
European stocks rise after upbeat PMIs
FXStreet (Córdoba) - European stocks shrugged off early losses and turned broadly positive after a series of upbeat PMI for Germany and the Eurozone as a whole.
The Stoxx Europe 600 erased early losses after the upbeat German and Eurozone readings, and was up 0.23% at 343.65. As for country-specific indexes Germany’s DAX 30 index rose 0.22%, while France’s CAC 40 climbed 0.34%. The UK FTSE 100 erased losses to trade flat. Italian FTSE MIB rose 1.12% while Spanish Ibex 35 gained 1.08%.
The Markit manufacturing PMI for Germany rose to 52.9 vs 52.0 expected, while the services PMI reached 56.6 vs 54.5 expected. As for the Eurozone as a whole, manufacturing index rose to 51.9 vs 51.7 expected while services’ climbed to 54.4 against 52.7 forecasted.
In the FX space, the euro also rose boosted by the dat, turning intraday positive against its main competitors. The EUR/USD was last up 0.08% at 1.3475. The GBP/USD on the other hand, slumped to near 1.7000 on disappointing UK retail sales.
As for commodities, both gold and oil were trading lower by 0.57% and 0.2% respectively.
The Stoxx Europe 600 erased early losses after the upbeat German and Eurozone readings, and was up 0.23% at 343.65. As for country-specific indexes Germany’s DAX 30 index rose 0.22%, while France’s CAC 40 climbed 0.34%. The UK FTSE 100 erased losses to trade flat. Italian FTSE MIB rose 1.12% while Spanish Ibex 35 gained 1.08%.
The Markit manufacturing PMI for Germany rose to 52.9 vs 52.0 expected, while the services PMI reached 56.6 vs 54.5 expected. As for the Eurozone as a whole, manufacturing index rose to 51.9 vs 51.7 expected while services’ climbed to 54.4 against 52.7 forecasted.
In the FX space, the euro also rose boosted by the dat, turning intraday positive against its main competitors. The EUR/USD was last up 0.08% at 1.3475. The GBP/USD on the other hand, slumped to near 1.7000 on disappointing UK retail sales.
As for commodities, both gold and oil were trading lower by 0.57% and 0.2% respectively.