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European Shares Rebound In Thin Holiday Trade

marketopen 011519 01jun20 lt

European stocks rose in thin holiday trade on Monday after U.S. President Donald Trump stopped short of threatening tariffs on China and a private survey showed that China's manufacturing sector moved into expansion territory in May.

Meanwhile, the downturn in the euro area manufacturing sector eased noticeably in May as companies restarted work, final data from IHS Markit showed.

The manufacturing Purchasing Managers' Index improved to 39.4 in May from April's record low of 33.4. The flash reading was 39.5. Germany recorded the lowest PMI of all countries, followed by Spain.

The U.K. manufacturing sector activity contracted as expected in the month of May, the final report from IHS Markit revealed with a score of 40.7.

The pan-European Stoxx Europe 600 index was up 0.7 percent at 352.71 after declining 1.4 percent on Friday to snap a four-session winning streak.

France's CAC 40 index climbed 1.1 percent and the U.K.'s FTSE 100 was up 1 percent. Markets in Germany, Switzerland, Denmark and Norway were closed for Whit Monday holidays.

Miners surged, with Antofagasta rising 1.4 percent and Glencore rallying 3.5 percent.

Automakers also gained ground, with Renault surging 4.5 percent and Peugeot adding 3.8 percent.

Fashion brand Ted Baker slumped 10 percent after it unveiled plans to raise
95 million pounds by selling new shares.

Associated British Foods jumped 7.4 percent. The company said that Primark is currently trading in 112 stores which represent 34 percent of its total selling space.

On 15 June, it is expected to be operating from 281 stores representing 79 percent of total selling space.

RSA Insurance Group rose 1.3 percent after issuing a statement regarding FCA's update on court proceedings in relation to business interruption insurance.

Italy's Mediobanca soared 8 percent after billionaire Leonardo Del Vecchio confirmed he had asked the European Central Bank for permission to increase his stake in the company.

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