Investing.com - European stocks were broadly lower on Monday,
after euro zone manufacturing data indicated that the economic
recovery in the region remains weak, while investors eyed U.S. data
later in the day.
During European afternoon trade, the EURO STOXX 50 slid 0.42%,
France's CAC 40 declined 0.36%, while Germany's DAX 30 inched down
Revised data showed that the bloc's manufacturing purchasing
managers' index rose to a two year high of 51.6 last month from
October's 51.3, slightly higher than a preliminary estimate of
Meanwhile, Spain's manufacturing sector contracted for the first
time since July last month, while the French manufacturing sector
contracted for the 21st straight month.
The Spanish PMI fell to 48.6 from 50.9 in October, led lower by
weaker orders and output.
The French index fell to 48.4 from 49.1 in October, the lowest
level since June.
Financial stocks turned broadly lower, as French lenders BNP
Paribas and Societe Generale slid 0.33% and 0.46%, although
Germany's Deutsche Bank advanced 0.86%.
Among peripheral lenders, Spanish banks Banco Santander and BBVA
declined 0.82% and 0.85% respectively, while Italy's Unicredit and
Intesa Sanpaolo shed 0.33% and 0.53%.
Elsewhere, ThyssenKrupp plummeted 8.56% after the German steelmaker
agreed to sell its U.S. plant to ArcelorMittal and Nippon Steel
& Sumitomo Metal Corp. for USD1.55 billion. Shares in
ArcelorMittal rallied 2.13% following the news.
L'Oreal added to gains, up 1.26%, as cosmetics maker said it will
repurchase as much as EUR500 million of shares.
In London, commodity-heavy FTSE 100 retreated 0.71%, weighed by
losses in mining stocks, although data showed that activity in the
U.K. manufacturing sector expanded at the fastest rate in 33 months
Shares in Glencore Xsrata dropped 0.40% and Vedanta Resources
tumbled 1.24%, while rival company Fresnillo plunged 2.16%.
Oil and gas giant was also on the downside, shedding 0.87%, after
the Financial Times reported that the oil giant expects a surge in
compensation payments for the 2010 Deepwater Horizon disaster,
after a near-two month slowdown.
Meanwhile, financial stocks turned mostly higher, as the Royal Bank
of Scotland rose 0.31%, while Barclays and Lloyds Banking both
gained 0.40%. HSBC Holdings underperformed however, down 0.50%.
In the U.S., equity markets pointed to a steady open. The Dow Jones
Industrial Average futures pointed to a 0.01% dip, S&P 500
futures signaled a 0.05% slip, while the Nasdaq 100 futures
indicated a 0.11% rise.
Also Monday, a report showed that China's final HSBC PMI inched up
to 50.8 in November, up from a preliminary reading 50.4 and above
expectations for a reading of 50.5.
The data was published one day after a government report showed
that China's manufacturing PMI held steady at an 18-month high of
51.4 in November, compared to forecasts for a decline to 51.1.
Later in the day, Federal Reserve Chairman Ben Bernanke was to
speak at an event in Washington, while the Institute of Supply
Management is to release its manufacturing PMI.
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