European stock indices started the trading week rising on Monday, boosted by the better-than-expected manufacturing Purchasing Manager’s Index (PMI) from China and Spain.
The Pan-European Euro Stoxx 50 index gained 1.50% to 2,768.00 as of 7:31 am GMT, while the German DAX index added 1.51% to 8,225.20 at the same time. The French CAC 40 index rose 1.59% to 3,996.30 and the UK’s FTSE 100 index edged up 1.32% to 6,497.80 at the same time.
A recent data released showed that the Eurozone economy condition is improving at a faster pace than expected.
Spain’s Purchasing Managers Index (PMI) showed an improvement in the country’s industry sector, according to reports from Markit Economics.
Spain’s PMI index rose above the 50 boundary to 51.1, compared to previous reading of 49.8 in the previous month, while analysts predicted a 50.8 rise.
The US markets are closed for Labour Day holiday today.
European Stocks- China Gains
China’s manufacturing activities expanded in August, according to HSBC’s PMI on Monday. Reading for August was in line with the preliminary data released last week at 50.1, rebounding from the previous reading of 47.7 in the previous month. A reading seen above 50 shows a growth in the sector.
Hongbin Qu, co-head of the Asian economic research at HSBC, said the readings shows that China’s manufacturing sector recovery will increase its pace. “This was mainly driven by the initial filtering through of recent stimulus measures and companies’ restocking activities. We expect some upside surprises to China’s growth in the coming months,” Hongbin said.
On Saturday, the US President Barack Obama said that he will request for approval from the Congress before proceeding with any military action against Syria over its alleged use of chemical weapons against civilians.
To find out more on our product offerings, visit www.hymarkets.com and start trading today with only $50!
The post European Stocks Climbs On Upbeat Data appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog
