European stocks recovered most of their early losses made after
Chinese manufacturing data showed a contraction for the second
straight month. Shares ended little changed.
The preliminary HSBC/Markit February purchasing managers index
fell to 48.3, lower than January's final figure of 49.5 and the
49.5 median estimate in a Bloomberg News survey. A number below 50
In Europe, Markit data showed business activity in the euro zone
lost momentum in February, owing to weakness in France. The monthly
gauge of activity across the manufacturing and services sectors of
the 18-nation euro zone, fell to 52.7 in February from 52.9 the
French consumer prices posted a record fall in January,
retreating 0.6% from December, which was more than expected from
analysts polled by The Wall Street Journal.
Markit's composite purchasing managers' index for Germany rose
to 56.1 in February, a 32-month high, from 55.5 in January.
Italian industrial orders declined 4.9% from November in
seasonally adjusted terms, whle domestic order dropped 6.4%, and
foreign orders fell 2.6% from November.
In ADR news, Veolia Environnement SA (
) announced a 500 million euro ($685 million) contract to handle
waste management in Buenos Aires.
Statoil ASA (
) said it has made a gas discovery in the Kramsno prospect in the
Barents Sea, but the exploration program around the Johan Castberg
field has so far not delivered expected oil volumes.
The FTSE-100 was last up 0.24% at 6,812.99, the DAX down 0.43%
at 9,618.85 and the CAC-40 up 0.33% at 4,355.49.
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