News Column

European Stocks Bolstered By China PMI

June 2, 2014



BRUSSELS (Alliance News) - Euroepan stocks posted modest gains on Monday amid positive manufacturing news from China.

Miners rallied on hopes for increased demand for raw materials, as China's official PMI came in at 50.8 in May, the highest reading in 2014.

The upbeat Chinese figures overshadowed some disappointing readings on euro zone manufacturing.

The Euro Stoxx 50 index of eurozone bluechip stocks added 0.16%.

The German DAX inched up 0.07%, the UK'sFTSE 100 rose 0.29%, while France's CAC 40 lost 0.08%.

French banks continued to struggle, with BNP Paribas under pressure from reports that US prosecutors are seeking USD10 billion fines for alleged sanctions busting.

Orion Oyj. reached a global partnership with Bayer for the development and commercialization of the compound ODM-201, an investigational novel oral androgen receptor inhibitor.

As a result, Orion upgraded its full-year 2014 outlook jumped 13% in Helsinki.

Goldman Sachs cut BNP Paribas to ''Neutral'' from ''Conviction Buy.'' The stock was moderately lower.

Belgian supermarket Delhaize Group rose 0.3% on the announcement that it has completed a deal to sell US chains Sweetbuy.

Det Norske Oljeselskap ASA was up nearly 6% in Oslo. The company agreed to buy Marathon Oil's assets in Norway for USD2.7 billion.

In economic news from the region, the German manufacturing expanded less than expected in May and at the weakest pace since last October, final data from Markit Economics showed.

Meanwhile, the French manufacturing sector deteriorated for the first time in three months in May largely due to a decline in new orders.

The recovery in the Eurozone manufacturing sector was slower than initially estimated in May, final data from Markit Economics showed.

The final seasonally adjusted Markit manufacturing Purchasing Managers' Index fell to 52.2 from 53.4 in April. The flash estimate for May was 52.5.



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Source: Alliance News


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