|08-22-2014, 01:36 PM||#1|
European shares shrug off mixed data and end higher
European stock markets ended higher on Thursday, led by French and German shares as investors looked beyond lackluster economic data and focused on the outlook for more accommodative central bank policies.
- Stoxx 600 advanced 0.66 percent or 2.21 points to 337.51
- Stoxx 50 advanced 1.33% or 41.06 points to 3124.56
European Central Bank President Mario Draghi may hint at additional stimulus at a Federal Reserve symposium in Jackson Hole, Wyoming tomorrow.
Markit`s flash composite Purchasing Managers` Index (PMI) for Germany -- which tracks growth in the manufacturing and service sectors that make up more than two-thirds of the economy -- came at 54.9 for August, down from 55.7 in July but still well above the 50 mark that separates growth from contraction.
Shares in mining stocks bucked the trend, after data showed China`s manufacturing activity hit a three-month low in August, with shares in Rio Tinto down 0.9 percent and Anglo American down 1.4 percent.
The HSBC/Markit Flash China Manufacturing Purchasing Managers` Index (PMI) fell to 50.3 from 51.7 in July, missing economists` forecast of 51.5.
-The British FTSE 100 advanced 0.33% or 22.18 points to 6777.66
-The French CAC 40 advanced 1.23% or 52.14 to 4292.93
-Frankfurt’s DAX 30 advanced 0.93% or 86.96 points to 9401.53
Shares in Austria`s Raiffeisen Bank International - one of Europe`s blue-chips with the biggest exposure to Russia - jumped 11 percent after saying it expected "no significant impact" from Western sanctions against Moscow.
The stock had tumbled more than 30 percent between early June and early August.
Air Berlin soared 9.6 percent. The airline Wednesday reported a turnaround to profit in the second quarter, and announced a restructuring program aimed at returning it to sustainable profitability.
GEA Group gained 2.8 percent. The system provider for food and energy processes announced a new group structure, adding that its implementation measures would see the elimination of around 1000 full-time equivalents over the next 2-3 years.
RTL Group lost 7 percent. The Luxembourg-based broadcaster reported a sharp decline in first-half profit, and trimmed full year its forecast for revenue and EBITA.
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