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European Stocks Rise After Bullish Eurozone Data and Earnings
By: MT Newswires
European stocks rose on bullish data and earnings.
The Markit manufacturing purchasing managers' index for the eurozone rose to 51.3 from 51.1 in September, above the 50 threshold that separates expansion from contraction. The reading was unchanged from an earlier estimate.
Eurozone inflation also surprisingly fell to 0.7% in the year to October, well below the ECB's target of just under 2%, fueling hopes for a rate cut Both UBS and RBS expect a rate cut at Thursday's meeting.
In earnings news, HSBC ( HBC ) posted a 28% rise in Q3 profit.
Ryanair Holdings plc ( RYAAY ) fell after it cut its full-year guidance due to a dip in average fares. RYAAY said it expects fares to fall by a further 9% in Q3 and by up to 10% in Q4.
The FTSE-100 was last up 0.43% at 6,763.62, the DAX up 0.33% at 9,037.2 and the CAC-40 up 0.36% at 4,288.59.