European stocks stay up after mixed PMIs

By FXstreet.com | Updated August 21, 2014 AAA

FXStreet (Córdoba) - European stocks managed to hold gains in early trade Thursday after the release of mixed PMIs from Germany, France and the Eurozone.

The Stoxx Europe 600 rose 0.42% to 336.71. As for country-specific indexes the UK’s FTSE 100 was up 0.26%. Germany’s DAX 30 gained 0.47% while the France’s CAC 40 advanced 0.56%. Spain’s Ibex 35 added 0.79% while Italy’s FTSE MIB was outperforming, up 1.08%.

German manufacturing PMI came in at 52.0 versus 51.8 expected but down from 52.4 the previous month, while the services index slid to 56.4 from 56.7 in July, although above the 55.5 forecasted. In France, the manufacturing PMI came in below expectations (46.5 vs 47.9) but services index beat estimates (51.1 vs 50.3).

As for the Eurozone as a whole, the manufacturing PMI fell to a 13-month low of 50.8 in August, showing stalling activity.

In the currencies market, the EUR/USD managed to recover from a fresh 11-month low and it was last at 1.3365. The USD/JPY holds at 4-month highs just below 104.00. The relatively hawkish minutes from the Fed helped the dollar, which reached fresh highs across the board Wednesday.

As for commodities, gold was 1.0% lower at $1,282 an ounce. Crude oil slipped 0.48% to $93.00 a barrel.

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