Investing.com - European stock markets added to early gains on Monday, as light trading conditions exaggerated movements, with markets in the U.K. and U.S. remaining closed for the New Year holidays.
During European early afternoon trade, the EURO STOXX 50 advanced 1.53%, France’s CAC 40 climbed 0.96%, while Germany’s DAX 30 surged 1.98%.
The DAX’s gains came as shares in Germany steelmaker ThyssenKrupp posted gains of 3.57%, while German insurer Allianz SE rose 3.8%. Meanwhile, engineering group Siemens saw shares rise 2.3%.
On the CAC 40, shares in lender BNP Paribas were up 1.21% and luxury-goods group LVMH Moet Hennessy Louis Vuitton advanced 1.24%.
Sentiment was boosted after data showed that manufacturing activity in the euro zone remained in contraction territory for the fifth consecutive month in December, but indicated a slowdown in the rate of contraction.
The final reading of the Markit euro zone manufacturing purchasing managers’ index for December rose to 46.9 from a 28-month low of 46.4 in November, confirming an earlier preliminary estimate.
Germany’s manufacturing PMI was revised up to 48.4 in December from 47.9 the previous month, following an earlier estimate of 48.1.
During European early afternoon trade, the EURO STOXX 50 advanced 1.53%, France’s CAC 40 climbed 0.96%, while Germany’s DAX 30 surged 1.98%.
The DAX’s gains came as shares in Germany steelmaker ThyssenKrupp posted gains of 3.57%, while German insurer Allianz SE rose 3.8%. Meanwhile, engineering group Siemens saw shares rise 2.3%.
On the CAC 40, shares in lender BNP Paribas were up 1.21% and luxury-goods group LVMH Moet Hennessy Louis Vuitton advanced 1.24%.
Sentiment was boosted after data showed that manufacturing activity in the euro zone remained in contraction territory for the fifth consecutive month in December, but indicated a slowdown in the rate of contraction.
The final reading of the Markit euro zone manufacturing purchasing managers’ index for December rose to 46.9 from a 28-month low of 46.4 in November, confirming an earlier preliminary estimate.
Germany’s manufacturing PMI was revised up to 48.4 in December from 47.9 the previous month, following an earlier estimate of 48.1.