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European Shares Rise On Solid Data

stockmarkets jan23 01jul20 lt

European stocks rose slightly on Wednesday as investors digested encouraging data from China and Europe.

The latest survey from Caixin showed the manufacturing sector in China continued to expand in June, and at a faster rate, with a manufacturing PMI score of 51.2, up from 50.7 in May.

Factories across the euro area recorded a stronger performance than initially reported in June, a survey showed. The final PMI rose to a four-month high of 47.4 from 39.4 in May.

The IHS Markit/CIPS U.K. manufacturing Purchasing Managers' Index (PMI) rose to 50.1 from 40.7 in May, unrevised from a preliminary reading.

Earlier in the day, Sweden's central bank expanded its quantitative easing and maintained interest rate at zero to support recovery. The central bank signaled that it is prepared to take the rate to negative zone.

The pan European Stoxx 600 was up 0.4 percent at 361.80 after rising 0.1 percent in the previous session to post its best quarterly gain since March 15.

The German DAX gained 0.7 percent and the U.K.'s FTSE 100 edged up 0.2 percent, while France's CAC 40 index was marginally lower.

Swiss specialty chemicals maker Clariant soared 8.3 percent after completing the $1.6 billion sale of its masterbatches unit to PolyOne Corp.

Adidas AG advanced 1.5 percent. The German sportswear giant has announced the resignation of Executive Board member Karen Parkin, responsible for Global Human Resources, from the Executive Board.

John Laing Group shares plunged 10 percent. The environmental asset investment vehicle said it expects first half NAV, before deducting dividends, to show a single digit decline.

Aerospace and defense company Babcock International Group jumped 4.5 percent. The company has announced the appointment of David Lockwood as CEO, succeeding Archie Bethel, who announced earlier his intention to retire.

Smith & Nephew surged over 5 percent. The medical equipment manufacturing company said it expects a second quarter underlying revenue decline of around 29 percent.

Aerospace, defense and energy company Meggitt rallied 2.7 percent. The company has sold its US subsidiary, Meggitt Training Systems, to a US private investment firm Pine Island Capital Partners LLC, for $146 million in cash.

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