From the Wires
Strong Manufacturing Data Pushes Markets Higher Ahead of US Payroll Figures -- City Index UK
By: Marketwired .
Feb. 1, 2013 08:34 AM
LONDON -- (Marketwire) -- 02/01/13 -- City Index UK: Most European markets pushed higher on Friday as investor risk appetite increased following strong Chinese data which underpinned mining stocks, and on encouraging European manufacturing figures. Spanish markets bucked the trend after a short selling ban was lifted and the IBEX declined 1.5%.
Read Full Article by Fiona Cincotta at cityindex.co.uk: Strong manufacturing data pushes markets higher ahead of US payroll figures
Although the manufacturing figures for Europe showed that the sector continued to shrink in January, it was at the slowest pace for 11 months. The figure was expected at 47.5 against last month's 46.1, but actually beat expectations at 47.9. Germany specifically saw its manufacturing output rise to 49.8 -- an 11-month high and just shy of growth which is reported at a figure above 50. Spain also reported a 19-month high at 46.1. The industrial sector was very much a drag on the Eurozone economy last year; however, this PMI looks like this could be the start of a turnaround. On a negative note France sank to a four-month low at 42.9 which is of some concern.
Manufacturing data from China was slightly contradictory, with the HSBC figure coming in ahead of expectations whilst the standard manufacturing PMI was slightly worse than expected. Importantly, however, both figures were over 50 -- showing that growth had returned to the world's second largest economy. The mining sector found support in these figures, with Vedanta and Fresnillo both trading over 2% higher. Read more...
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