European stocks traded higher on Monday as weak Chinese data raised hopes of additional stimulus.
A private survey showed China’s factory activity slowed in June, raising calls for more stimulus to boost growth.
Closer home, the final Eurozone PMI Manufacturing reading for June has been finalized at 43.4 versus 43.6 preliminary as demand for goods fell sharply at the end of the second quarter.
Elsewhere, the S&P Global U.K. Manufacturing PMI dropped to 46.5 in June from 47.1 in May.
The pan European STOXX 600 edged up 0.2 percent to 462.71 after rallying 1.2 percent on Friday.
The German DAX rose 0.2 percent, France’s CAC 40 was marginally higher and the U.K.’s FTSE 100 was up 0.3 percent.
Gains in metal prices lifted mining stocks, with Anglo American, Antofagasta and Glencore rallying 2-4 percent.
Supermarket chain Tesco gained about 1 percent as it appointed a new chairman to replace its former chair, John Allan, who stepped down last month following allegations of misconduct.
AstraZeneca plunged nearly 6 percent after results from a high-level study of a new cancer medicine lagged expectations.
Finnish company Nokia Corp advanced 2.7 percent after signing a new long-term patent cross-license agreement with Apple Inc.
Italy’s Assicurazioni Generali soared 4.6 percent after Delfin was authorized to hold an over 10 percent stake in the company.
Technip Energies NV added 1.4 percent. The French engineering and technology firm for the energy transition said that it has acquired Processium, a process developer focused on sustainable chemical industry, for an undisclosed amount.
Construction materials manufacturer Compagnie de Saint-Gobain S.A. rose half a percent. The company has signed a binding agreement to sell its glass processing business COVIPOR in Portugal to PNI Portugal & Permanente SA.
Source: Read Full Article