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European stocks open mostly higher, E.Z. data in focus; Dax up 0.33%

Published 03/02/2015, 03:36 AM
Updated 03/02/2015, 03:36 AM
© Reuters.  European stocks gain ground ahead of E.Z. inflation, unemployment reports

© Reuters. European stocks gain ground ahead of E.Z. inflation, unemployment reports

Investing.com - European stocks were mostly higher on Monday, despite a downbeat Spanish manufacturing activity report and as markets eyed upcoming reports on euro zone consumer prices and unemployment.

During European morning trade, the EURO STOXX 50 added 0.19%, France’s CAC 40 eased 0.08%, while Germany’s DAX 30 gained 0.33%.

Earlier Monday, research group Markit said that Spain's manufacturing purchasing managers' index slipped to 54.2 in February from 54.7 the previous month, confounding expectations for a rise to 55.1.

European equities had found support after preliminary data on Friday showed that German consumer prices rose 0.9% last month, exceeding expectations for a 0.7% gain, after a 1.1% decline in January.

Financial stocks were broadly higher, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) gained 0.77% and 0.79%, while Germany's Deutsche Bank (XETRA:DBKGn) and Commerzbank (XETRA:CBKG) advanced 0.68% and 0.41%.

Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) rallied 1.01% and 1.24% respectively, while Spanish banks BBVA (MADRID:BBVA) and Banco Santander (MADRID:SAN) climbed 0.56% and 0.64%.

Airbus Group (PARIS:AIR) added to gains, with shares up 1.63% following reports the company plans to boost production of its A320 single-aisle aircraft to 50 a month to meet increasing demand for more fuel-efficient airliners.

On the downside, Vivendi (PARIS:VIV) saw shares plunge 5.94% after the French media company said it plans to return about €5.7 billion to investors after selling more than $30 billion of assets.

In London, commodity-heavy FTSE 100 rose 0.30%, boosted by sharp gains in mining stocks.

Mining giants Bhp Billiton (LONDON:BLT) and Rio Tinto (LONDON:RIO) advanced 0.59% and 1.02% respectively, while Glencore Xstrata (LONDON:GLEN) rallied 1.96% and Fresnillo (LONDON:FRES) surged 2.04%.

U.K. lenders were also broadly higher, as HSBC Holdings (LONDON:HSBA) and Lloyds Banking (LONDON:LLOY) gained 0.44% and 0.48%, while Barclays (LONDON:BARC) and the Royal Bank of Scotland (LONDON:RBS) advanced 1.22% and 1.44%.

Intertek Group (LONDON:ITRK) led gain on the index, soaring 3.38% even as the product testing company reported lower profits for 2014, due to the strength of the pound and weakness in its oil and gas business.

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.25% rise, S&P 500 futures signaled a 0.25% gain, while the Nasdaq 100 futures indicated a 0.32% increase.

Later in the day, the Institute of Supply Management was to report on U.S. manufacturing activity.

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