(MENAFN- Khaleej Times)European stocks mostly rose shrugging off a 22 per cent plunge in the Athens benchmark which reopened after a five-week shutdown. Asian shares closed lower on evidence of weakness in Chinese manufacturing.
Germany's DAX rose 1.1 per cent to 11432.31 and France's CAC 40 gained 0.8 per cent to 5123.51. Britain's FTSE 100 was up 0.1 per cent at 6701.13. Greece's stock market opened more than 22 per cent lower as it reopened from a shutdown brought on by the near collapse of the country's financial system during its high-wire bailout negotiations. It recovered slightly to trade 17 per cent lower. On Wall Street Dow futures were up 0.1 per cent and S&P 500 futures flat. Surveys on manufacturing dictated trading in Asian and European markets. A rise in a eurozone survey to a 14-month high suggests the Greek crisis had little impact on the currency union's industrial activity in July. In China however a similar survey showed Chinese manufacturing weakened during the same month. The Caixin purchasing managers' index previously sponsored by HSBC declined to a two-year low and indicated an outright drop in manufacturing. The report suggests weakness was concentrated in private and smaller companies. The Shanghai Composite Index dropped 1.1 per cent to 3622.91 and Hong Kong's Hang Seng fell 0.9 per cent to 24411.42. Tokyo's Nikkei 225 shed 0.2 per cent to 20548.11 and Seoul's Kospi declined 1.1 per cent to 2008.41. Sydney's S&P/ASX 200 lost 0.4 per cent to 5679.30. Taiwan Singapore and Jakarta also declined. "China will have several hard questions asked of it over the week feeding into the concern it's facing a hard landing" said IG market strategist Evan Lucas in a report. Investors were looking ahead to surveys of manufacturing and consumer spending due out Monday factory orders on Tuesday and data on employment and payrolls on Friday. The Labour Department reported on Friday that US wages and benefits grew at their slowest pace in 33 years in the spring. That suggests companies are able to find workers without boosting pay which could cause the Federal Reserve hold off any increase in interest rates. The dollar strengthened to 124.23 yen from Friday's 123.91 yen. The euro inched down to $1.0955 from $1.1010. The benchmark BSE Sensex on Monday advanced over 72 points to settle the day at over one-week high of 28187.06 ahead of the Reserve Bank of India's monetary policy review today mainly driven by a strong rally in banking auto and realty stocks. The 30-share BSE barometer rose another 72.50 points or 0.26 per cent to close at over one-week high of 28187.06. Intra-day it shuttled between 28263.35 and 28071.37.
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