(MENAFN– ecpulse)
European stock markets little changed Monday morning, tracking losses in Asia in cautious trading as investors digest another slew of manufacturing data from the Eurozone, and mixed news from China.
- Stoxx 600 lost 0.13 percent or 0.43 points to 324.73
- Stoxx 50 dropped 0.20% to 3080.56 . As of 04.03 a.m. EST.
Manufacturing Steadies
Markit Economics said on Monday the French manufacturing Purchasing Managers` Index (PMI) was revised higher in November at 48.4 from a flash estimate of 47.8, yet lower compared with 49.1 in October.
Eurozone PMI came at 51.6 in November, compared with 51.5 in October. Analysts had expected a stagnant read at 51.5.
UK`s manufacturing purchasing managers` index rose to 58.4 in November from 56.5 a month before. Expectations were at 56.1.
Germany’s purchasing mangers’ index rose to its highest level since June 2011 at 52.7 in November from 51.7 in October.
Spain’s manufacturing activity returned into contraction in November as the purchasing managers’ index (PMI) declined to 48.6 from 50.9 in October, and also failing estimates that called for a rise to 51.1.
Italy’s manufacturing purchasing managers` index rose to 51.1 in November from 50.7 a month before. Expectations were at 50.8.
China PMI
China`s manufacturing activity maintained relatively steady growth momentum in November, two separate surveys of company purchasing managers revealed.
The final results of a survey by Markit Economics and HSBC showed that the gauge of the factory sector performance stood at 50.8, little changed from the October reading of 50.9, but higher than the flash reading of 50.4.
The official survey released by the China Federation of Logistics and Purchasing and the National Bureau of Statistics revealed that the PMI index recorded a reading of 51.4 in November, unchanged from October`s 18-month high. Production and export orders rose at a faster pace, while new order growth moderated.
However, Asian stock markets were under pressure after news that China will lift its year-long halt on stock market listings , the thing which could spur a drain of liquidity from existing equities as it will induce new shares into the market.
The IPO reforms are still a positive indicator as it will boost business in China.
Corporate News
Shares in German steel group ThyssenKrupp sank 6.4 percent - a wipeout of about 580 million Euros in market capitalization - after the company unveiled a capital increase following the sale of its U.S. steel plant.
Lloyds Banking Group Plc. announced the sale of its corporate real estate portfolio to Promontoria Holding 89 BV, an affiliate of Cerberus Institutional Partners V L.P., for 1.032 billion Euros in cash.
Swiss banking giant UBS AG has offered to buy back certain outstanding tier 2 and senior bonds for cash up to about 2.15 billion Swiss francs or 1.75 billion Euros.
L’Oreal added to gains, up 0.69%, as cosmetics maker said it will repurchase as much as 500 million Euros of shares.
-The British FTSE 100 lost 0.36% or 23.75 points to 6626.82
-The French CAC 40 lost 0.28% or 12.15 to 4283.06
-Frankfurt’s DAX 30 gained 0.1% or 8.98 points to 8414.28
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