Market Commentary and Intraday News

European Stocks Modestly Higher After Chinese Data

199 days ago

(RTTNews) - European stocks rose modestly on Thursday, as investors reacted cautiously to upbeat Chinese manufacturing data. With the region's debt woes continuing and the American Election Day fast approaching, investors are cautiously optimistic over global growth prospects.

Commodities such as crude and copper are edging higher, while trading in the U.S. index futures point to a flat start ahead of the ADP employment report and data due on jobless claims and manufacturing activity. The all-important monthly jobs report is due on Friday.

Elsewhere in Asia, stocks turned in a mixed performance following the release of a pair of conflicting manufacturing reports from China and Australia.

The Euro Stoxx 50 index of Eurozone bluechip stocks is gaining 0.4 percent and the Stoxx Europe 50 index, which includes some major U.K. companies, is up 0.3 percent. Around Europe, Switzerland's SMI, the U.K.'s FTSE 100, the German DAX and France's CAC 40 are up between 0.1 percent and 0.5 percent.

In stock-specific action, Royal Dutch Shell Plc is gaining a percent after the European oil giant reported a better-than-expected third-quarter profit, helped by an increase in liquefied natural gas sales volumes. Lloyds shares are climbing 5 percent after the U.K. banking group reported a significantly narrower third-quarter loss of 144 million pounds, compared with 607 million pounds last year.

Fraport is gaining half a percent in Frankfurt on reports the airport operator plans to sell its entire 10 percent interest in Delhi airport by the second or third quarter of next year. Glencore International Plc is trading flat in London after releasing its interim management statement and third-quarter production report.

BT Group Plc is climbing 6.7 percent after the internet service provider reported pre-tax profit of 602 million pounds in the second quarter, up 9 percent from 552 million pounds in the year-ago period.

Novartis shares are declining half a percent in Zurich. The Swiss drug maker said that Health Canada and Swiss Agency for Therapeutic Products, Swissmedic, have decided to lift the precautionary holds on the distribution of its seasonal influenza vaccines Agrippal and Fluad.

In economic releases, U.K. house prices dropped 0.9 percent year-over-year in October, slower than the 1.4 percent fall in September, data released by Nationwide Building Society showed. The rate of fall was also smaller than the 1.2 percent drop forecast by economists.

Separate reports released today showed that growth of Swiss retail sales slowed in September, while activity in the Greek manufacturing sector continued to decrease in October, with the rate of fall accelerating from the previous month.

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