European stocks advanced as better-than-expected manufacturing in the region outweighed disappointing Chinese output data.
Commerzbank AG rose
6.6 percent after the German lender said quarterly earnings increased by
25 percent, while Chief Executive Officer Martin Blessing prepares to
leave the company. HSBC Holdings Plc fell 0.8 percent as RBC Capital
said that the bank’s decline in income will lead analysts to downgrade
their estimates. Rio Tinto Group and BHP Billiton Ltd. lost at least 1.4
percent, dragging a gauge of miners to among the worst performers of
the 19 industry groups on the Stoxx Europe 600 Index as commodity prices
slid.
The Stoxx 600 climbed
0.3 percent to 376.75 at the close of trading, reversing a loss of as
much as 0.7 percent. Shares extended gains earlier as a Markit Economics
release showed output in the euro area unexpectedly accelerated in
October as German companies fared better than initially reported.
China’s official purchasing managers index contracted last month,
missing estimates and rekindling concern about growth and demand in the
world’s second-largest economy.
The Stoxx 600 posted
its best monthly rally in six years in October after President Mario
Draghi said the European Central Bank will consider additional easing in
December, and China increased stimulus measures. The equity gauge’s
rebound from a quarterly rout has been led by gains in carmakers, miners
and energy producers -- the groups most battered in the selloff.
Source : Bloomberg
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