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TMCNet:  European Stocks Erase Losses After Factory Data

[July 24, 2014]

European Stocks Erase Losses After Factory Data

(Alliance News Via Acquire Media NewsEdge) VIENNA (Alliance News) - European stocks erased early losses to extend gains for a third day on Thursday, as US earnings continue to surprise on the upside and Chinese as well as Eurozone PMI data eased concerns surrounding the global economy.


The Asian markets rose broadly, with the regional benchmark index extending gains for a fourth day, after a manufacturing gauge in China rose to an 18-month high in July, adding to signs the economy will meet its 2014 growth target of about 7.5%.

In the euro area, the private sector growth rebounded in July from a six-month low, flash survey data from Markit Economics showed. The flash composite output index rose to 54 from 52.8 in June. Economists had forecast the score to remain unchanged at 52.8.

Separately, UK retail sales increased marginally in June as food sales recovered from the prior month, data from the Office for National Statistics showed. Retail sales including auto fuel rose 0.1% from May, when it dropped 0.5%.

The Euro Stoxx 50 index of eurozone bluechip stocks is rising 0.8% and the Stoxx Europe 50 index, which includes some major UK companies, is up half a percent. Around Europe, the UK's FTSE 100 is marginally higher, the German DAX is rising half a percent and France's CAC 40 is gaining 0.7%.

Software AG shares are climbing 2.6% in Frankfurt despite the business software firm posting lower second-quarter net income of 14.2 million euros, down from 28.8 million euros a year ago.

BASF Group is declining 1.9% after the chemical giant reported second-quarter profit that fell short of analysts' expectations.

Unilever PLC shares are little changed in Amsterdam. The consumer goods group missed second-quarter sales estimates due to a continued slowdown in emerging markets.

Roche is rising 1.4% after the Swiss drug maker confirmed its full-year outlook.

Telecommunications and wireless equipment maker Nokia Corp is climbing 8% after reporting higher profits and raising its outlook for its core networks unit.

The US index futures indicate a positive opening later in the session, a day after the S&P 500 closed at a fresh record high amid better-than-estimated earnings from a slew of companies.

Copyright RTT News/dpa-AFX

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