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Market Update

European Stocks Gain After Data

European stocks shed early wariness over dismal Apple Inc. earnings after positive data in the region lifted sentiment.

The FTSE 100 rose 0.3% while the CAC 40 Paris gained 0.4% at 9:28 a.m. London time. The DAX Frankfurt also moved into the positive territory, up a slim 0.1%.

Markets had opened on a cautious note early today on heels of disappointing earnings from global tech giant Apple Inc.

But investors soon turned their focus towards some economic reports released in the euro-zone.

Private-sector activity across the euro region continued to shrink in January, but at its slowest pace in ten months, according to the Markit composite purchasing-managers' index for the region. 

PMI for the services sector came in at 48.3 in January, up from 47.8 a month ago while manufacturing PMI rose to 47.5 as compared with 46.1 in December.

The U.S. House of Representatives, meanwhile, late yesterday approved a legislation to extend the government's borrowing limit until May 19th.

Stocks on the move

Some British supply firms were under pressure following Apple's uninspiring results.

Volex Plc., a U.K. based manufacturer of power cords for computers and devices, slipped 0.4%.

Laird Plc. fell 2.8% while chip designer ARM Holdings Plc. dropped 0.9%. Semiconductor maker IQE was down 0.8%.

But miners were trading modestly higher on the resource-heavy FTSE 100 benchmark index, in the wake of positive Chinese manufacturing data.

BHP Billiton Plc. edged up 0.2% while Rio Tinto Plc. added 1.2%. Anglo American Plc. moved up 1% too.

Also on the upside, EasyJet Plc bounced 3.5% after posting first quarter results. Shares of its larger rival Ryanair Holdings Plc. were also up 3.6%.

In financials, Lloyds Banking Group was flat but Barclays Plc. slipped 0.4%.

German lenders Deutsche Bank and Commerzbank AG dropped more than 1.2% while French bank Credit Agricole SA lost 0.9%. Societe Generale SA was up 0.3%, however.