By RTT News, October 24, 2013, 07:08:00 AM EDT
(RTTNews.com) - European stocks rose on Thursday as investors digested better-than-expected manufacturing data out of China and mixed economic reports out of the euro zone. Banks are gaining ground following the previous session's losses. German lenders Commerzbank and Deutsche Bank are up 1-2 percent, French lender BNP Paribas is gaining 1.4 percent and Barclays is gaining half a percent in London.
The Asian markets recouped most of their early losses to end broadly higher, after a survey of Chinese manufacturing signaled the world's second-largest economy is picking up steam following last year's slowdown.
The markets in China and Hong Kong, however, ended in the red on concerns the world's second-largest economy may grow at a slightly slower pace in the fourth quarter amid a further hike in money-market rates Thursday.
Trading in the U.S. index futures indicate a rebound from Wednesday's declines caused by mixed earnings reports from a couple of industrial companies.
Closer home, the Euro Stoxx 50 index of eurozone bluechip stocks is up half a percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is moving up 0.4 percent. Around Europe, the key benchmark indexes in Germany, France and the U.K. are up between 0.3 percent and 0.7 percent.
Software AG is climbing 5.6 percent in Frankfurt after the business infrastructure software firm confirmed its earnings forecast for 2013 despite posting lower income of 31.1 million euros for the third quarter compared with 40.7 million euros last year.
Daimler AG is rallying 3 percent. The car major reported third-quarter profit of 1.84 billion euros, up from 1.13 billion euros last year, driven by growth in unit sales, particularly Mercedes-Benz. Looking ahead, the company said it expects EBIT from ongoing business of around 7.5 billion euros for the full year.
ABB shares are gaining 3.8 percent in Zurich after the engineering firm posted higher profit and revenues for the third quarter, thanks to strong performance in the U.S. and an improvement in Europe. Credit Suisse is losing 3 percent after reporting third-quarter earnings below estimates.
Ericsson AB shares are plunging 7 percent in Stockholm. The Swedish telecom firm reported a jump in the third-quarter profit, but net sales dropped unexpectedly, hurt by currency impacts and lower sales in North East Asia and India.
Banco Santander is moving down 0.4 percent in Madrid. The Spanish banking products provider reported about 77 percent jump in attributable profit for the nine-month period, reflecting a decline in provisions and write-offs.
Unilever shares are down 0.2 percent in Amsterdam. The Anglo-Dutch consumer goods giant reported a decline in third-quarter sales, hurt by negative currency impacts as well as lower results across all its regions and businesses.
On the economic front, an indicator of private sector performance for the euro area signaled expansion for the fourth straight month in October, but the headline index declined unexpectedly from a 27-month high, survey results showed. The flash composite Purchasing Managers' Index fell to 51.5 from 52.2 in September, Markit Economics said. The reading was expected to rise to 52.4.
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