Investing.com – European shares closed higher Monday as strong U.S. manufacturing numbers where counteracted by continued Spanish debt woes, in light holiday trade with German and French exchanges closed for the session
At the close of European trade, the EURO STOXX 50 eased higher by 0.1%, France's CAC 40 and Germany’s DAX were closed for the holiday. Meanwhile, in the U.K. the FTSE 100 gained 1.30%.
Fuelling the stock market rally, the U.S. Institute for Supply Management reported the manufacturing purchasing managers’ index spiked to 54.8 in April, from 53.4 the previous month.
Analysts had expected the index to fall to 53.0 in April.
The bullish data arrived on the heels of a series of weaker-than-expected U.S. economic reports sparking speculation over further stimulus measures by the Federal Reserve.
Meanwhile in China, official data showed that an index of Chinese manufacturing activity rose to a 13-month high of 53.3 in April from 53.1 the previous month, but the data came in slightly below forecasts for a reading of 53.6.
However, shares remained under pressure amid ongoing concerns over the outlook for the single currency bloc, after official data on Monday confirming that Spain’s economy entered a recession in the first quarter sparked fresh fears that austerity measures could impair economic growth in the region.
Investors remained nervous ahead of weekend elections in Greece and France and the European Central Bank’s policy meeting on Thursday.
Lloyd’s Banking Group led the FTSE 100 higher after climbing 8.3% on close to doubling profits during the first quarter.
Imperial Tobacco added 3.7% on a 3% increase in adjusted profit due to high cigarette prices in the United Kingdom.
Man Group dropped 5.5% as the hedge fund operator’s largest fund, AHL computerized trading system, is down 2.1% this year.
U.S. stocks are sharply higher midsession with the Dow ahead by 0.88%, the S&P 500 gaining 1.15% and the Nasdaq adding 1.06%.
Traders are awaiting the U.S. ADP payrolls, New Zealand’s unemployment rate and the euro zone’s unemployment rate on Wednesday.
At the close of European trade, the EURO STOXX 50 eased higher by 0.1%, France's CAC 40 and Germany’s DAX were closed for the holiday. Meanwhile, in the U.K. the FTSE 100 gained 1.30%.
Fuelling the stock market rally, the U.S. Institute for Supply Management reported the manufacturing purchasing managers’ index spiked to 54.8 in April, from 53.4 the previous month.
Analysts had expected the index to fall to 53.0 in April.
The bullish data arrived on the heels of a series of weaker-than-expected U.S. economic reports sparking speculation over further stimulus measures by the Federal Reserve.
Meanwhile in China, official data showed that an index of Chinese manufacturing activity rose to a 13-month high of 53.3 in April from 53.1 the previous month, but the data came in slightly below forecasts for a reading of 53.6.
However, shares remained under pressure amid ongoing concerns over the outlook for the single currency bloc, after official data on Monday confirming that Spain’s economy entered a recession in the first quarter sparked fresh fears that austerity measures could impair economic growth in the region.
Investors remained nervous ahead of weekend elections in Greece and France and the European Central Bank’s policy meeting on Thursday.
Lloyd’s Banking Group led the FTSE 100 higher after climbing 8.3% on close to doubling profits during the first quarter.
Imperial Tobacco added 3.7% on a 3% increase in adjusted profit due to high cigarette prices in the United Kingdom.
Man Group dropped 5.5% as the hedge fund operator’s largest fund, AHL computerized trading system, is down 2.1% this year.
U.S. stocks are sharply higher midsession with the Dow ahead by 0.88%, the S&P 500 gaining 1.15% and the Nasdaq adding 1.06%.
Traders are awaiting the U.S. ADP payrolls, New Zealand’s unemployment rate and the euro zone’s unemployment rate on Wednesday.