European stocks opened the market in green on Tuesday, as investors focus on the upcoming Purchasing Managers’ Index (PMI) reports.
The pan-European Euro Stoxx 50 came in 0.56% higher at 3,030.50, while the UK FTSE 100 gained 0.27% to 6,692.80 at the time of writing. At the same time the French CAC 40 advanced 0.30% higher at 4,273.30, while the German DAX 30 rose 0.54% at 8,968.30.
Investors are focusing on the release of the flash PMI’s for France, Germany and the euro area later in the day.
EU officials are expected to meet up in Brussels to attend the economic summit for the European Union (EU) on Thursday. The banking union criteria and economic recovery are expected to be discussed in the meeting.
Several big corporations are expected to deliver their quarterly reports later during the day.
European Stocks – Market Movers
The Spanish banking corporation Banco Santander said its net operating income dropped 8.4% to €4.876 billion in the third quarter this year, down from €5.320 billion in the same quarter last year.
While the Swiss banking house Credit Suisse posted its core pre-tax income of 685 million Swiss francs in the third quarter this year.
The German car-makers Daimler reported a growth in sales by 13% to 595,000 vehicles from July to September this year, while the company’s net profit advanced to €1.897 billion from €1.238 billion in the same period in the previous year.
China
China’s manufacturing activity is forecasted to expand faster in October, according to a survey taken by purchasing managers.
While HSBC’s flash Purchasing Managers Index (PMI), came in at a reading of 50.9 in October, slightly rising from the previous reading of 50.2 last month. Any index reading above the 50-threshold indicates an expansion in the sector.
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