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The Lexington Group - Eu Report – 23.08.2013 European Markets Rally On Positive DataBy Expert Author: Lexington Group
The Stoxx Europe 600 Index rose 1% on Thursday to snap a three session losing streak. The index was boosted by positive macroeconomic data from both the China and the Euro zone. Showing business expansion at its fastest rate in more than two years. A preliminary composite purchasing manager’s index climbed to 51.7 from 50.5 in July, representing a 26 month high. A reading above 50 indicates growth. China´s manufacturing PMI jumped to 50.1, a four month high, this month from 47.7 in July, representing an eleven month low.
Among country specific indices; Germany´s DAX 30 Index rose 1.3%, In London the FTSE 100 Index climbed 1.1% after hitting a monthly low on Wednesday. And in Paris the CAC 40 Index rose 1.1%.
The upbeat data from China helped to boost mining firms, as China is one of the world´s largest consumers of natural resources. In London, Rio Tinto PLC gained 2.2%, Glencore Xstrata PLC jumped 3.4%, Antofagasta PLC rose 2.1%, and BHP Billiton PLC added 2.4%. Most metals were also trading higher on Thursday.
As oil prices rose, many oil firms traded higher. BP PLC rose 1.4%, Royal Dutch Shell PLC added 1.1% and BG Group PLC took 1.1%.
Notable movers on Thursday were Dutch Supermarket chain Royal Ahold NV who climbed 5.1% as they reported a 3% rise in second quarter sales. Engineering firm IMI PLC spiked 5.82% as the group reported an 8% rise in first half of the year profits and increased dividends by 8%.
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