FX & CFD trading involves significant risk
European stocks advanced the most in eight weeks as a gauge of Chinese manufacturing activity exceeded economists’ estimates. U.S. index futures and Asian shares also climbed.
The Stoxx Europe 600 Index added 1.6 percent to 302.14 at 10:35 a.m. in London. Standard & Poor’s 500 Index futures expiring this month gained 0.9 percent, while the MSCI Asia Pacific Index climbed 0.7 percent. U.S. markets are closed today for the Labor Day holiday.
In China, a measure of manufacturing from the National Bureau of Statistics and China Federation of Logistics and Purchasing rose to 51 in August from 50.3 in July. That beat the median economist estimate for a reading of 50.6. A figure greater than 50 means that activity expanded.
Markit Economics and HSBC Holdings Plc’s purchasing managers’ index for manufacturing in the world’s second-largest economy climbed to 50.1 last month from 47.7 in July.
Spain’s IBEX 35 Index (IBEX) jumped 1.9 percent. Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA contributed the most to the gauge’s advance, rising 2.2 percent to 5.46 euros and 2.3 percent to 7.38 euros, respectively.
Vodafone gained 3.8 percent to 214.1 pence. The board of Verizon Communications will vote on the terms of the deal today, said the person who asked not to be identified because the details remain private. Europe’s largest mobile-phone operator confirmed yesterday that it has held advanced discussions with Verizon about selling its 45 percent stake in their joint venture for $130 billion.
Telecom Italia SpA (TIT), Italy’s biggest telephone company, added 4.9 percent to 55.6 euro cents. A gauge of telecommunications operators climbed 2.6 percent. BT Group Plc, the biggest fixed-line phone company in the U.K., increased 2.6 percent to 333.9 pence.
Teleperformance SA (RCF) increased 3.6 percent to 35.32 euros. Societe Generale SA raised its recommendation on the French operator of call centers to buy from hold.
FTSE 100 6,505.87 +92.94 +1.45%
CAC 40 3,995.2 +61.42 +1.56%
DAX 8,232.01 +128.86 +1.59%
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.