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China factory data drives bounce in European shares

The pan-European STOXX 600 index rose 0.3 per cent by 0813 GMT, led by a 1.2 per cent gain for China-exposed miners, while rising oil prices helped the energy sector up 0.5 per cent. — Reuters pic
The pan-European STOXX 600 index rose 0.3 per cent by 0813 GMT, led by a 1.2 per cent gain for China-exposed miners, while rising oil prices helped the energy sector up 0.5 per cent. — Reuters pic

LONDON, Dec 2 — European shares edged higher today as upbeat factory activity data from China boosted trade-sensitive sectors such as miners, oil and gas, as well as automakers.

The pan-European STOXX 600 index rose 0.3 per cent by 0813 GMT, led by a 1.2 per cent gain for China-exposed miners, while rising oil prices helped the energy sector up 0.5 per cent.

Optimism spilled over from Asian markets as a private business survey showed factory activity in China unexpectedly expanded at the quickest pace in almost three years in November, with solid increases in output and new orders.

IHS Markit’s November factory activity data for major European economies are due by 0850 GMT, with German and French numbers expected to remain unchanged from October, according to a Reuters poll. — Reuters

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