European Market Updates
11/2/2009 1:26 PM ET
(RTTNews) -
The European markets rose on Monday, helped by better-than-estimated data on U.S. manufacturing and pending home sales.
The Institute for Supply Management in the U.S. said its index of activity in the manufacturing sector rose to 55.7 in October from 52.6 in September, with a reading above 50 indicating growth in the sector. Economists had been expecting a more modest increase by the index to a reading of 53.0.
The National Association of Realtors in the U.S. Said in its report that the pending home sales index rose 6.1 percent to 110.1 in September from a reading of 103.8 in August. The increase by the index came as a surprise to economists, who had expected the index to edge down 0.1 percent.
The U.S. Commerce Department said that construction spending rose 0.8% in September. Economists had expected the measure to slide by 0.2%. This followed a 0.1% decline in August, which was revised from 0.8% increase, and a 1.2% slide in July.
Meanwhile, data showed that Eurozone manufacturing industry expanded for the first time in seventeen months in October, survey data released by Markit Economics showed Monday. The purchasing managers' index for the region's manufacturing sector rose to 50.7 in October from 49.3 in September, That was unchanged from the flash estimate released on October 23 and was the highest reading since May 2008.
China's manufacturing activity hit an eighteen month high in October, while employment levels in the manufacturing sector soared to a record high, a survey by Markit Economics and HSBC revealed Monday.
Crude for December delivery rose $1.32 to $78.32 a barrel on the New York Mercantile Exchange, by the time the European markets closed, helped by by the weaker dollar and strong economic data in China.
The FTSEurofirst 300 index of pan-European blue chips closed 0.39% higher at 980.28 points, while the narrower DJ Stoxx 50 index rose 0.49% to 2,421.29 points.
Around Europe, the U.K.'s FTSE 100 index climbed 1.18% to 5,104.50, while France's CAC 40 index surged up 0.88% to 3,639.46 and Germany's DAX index rose 0.29% to 5,430.82.
Heavily weighted oil stocks rallied after crude oil prices advanced. BP, Europe's biggest oil company, climbed 2.2% and Total, the third biggest, surged up 1.3%.
Mining stocks gained after copper and aliminum prices rose. BHP Billiton, the world's biggest miner, added 2.8%, while Anglo American, the second biggest, surged up 3.3% and Rio Tinto, the third bigegst, climbed 4.5%. Copper miner Antofagasta gained 2.9%.
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