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European Stocks Climb as Italy's MIB Surges 0.87 Percent
(MENAFN) European equities finished higher Tuesday as investors weighed a patchwork of economic data and fresh remarks from a European Central Bank (ECB) policymaker on inflation and borrowing costs.
The pan-European Stoxx 600 gained 3.01 points, or 0.48%, to close at 636.63.
Among the major national benchmarks, Italy's FTSE MIB led the advance, rising 443.02 points, or 0.87%, to 51,261.40, the strongest percentage gain of the five. Germany's DAX climbed 194.98 points, or 0.77%, to 25,449.19, and Spain's IBEX 35 added 144.50 points, or 0.75%, to 19,444.20. Britain's FTSE 100 rose 43.75 points, or 0.42%, to 10,541.69, while France's CAC 40 advanced 30.97 points, or 0.40%, to 7,865.07.
Germany: New manufacturing orders dropped 10.6% month-on-month in August after a revised 3.2% rise in July, the Federal Statistical Office said. The slump largely reflected a reversal in big-ticket orders for aircraft, ships, trains and military vehicles. Stripping out large-scale orders, demand slipped 0.1%.
Eurozone: Retail trade volume rose 0.1% in August after a 0.6% fall in July, Eurostat reported, with sales up 0.8% from a year earlier. Non-food sales grew 0.5% on the month, while automotive fuel sales fell 1.9%. Across the EU, retail trade edged up 0.1% monthly and 1.2% annually.
France: Manufacturing output rebounded 0.3% in August after a 0.8% decline in July, according to the national statistics institute INSEE. Overall industrial production nonetheless fell 0.3%, following a 0.6% contraction.
On the policy front, Bank of Finland Governor Olli Rehn cautioned that a drawn-out war in the Middle East would heighten the risk of higher energy prices feeding through to other prices and wages.
Rehn, a member of the ECB Council, said such spillovers had yet to materialize, with rising long-term interest rates slowing growth and restraining the pass-through of energy costs to broader inflation.
He said the ECB would keep setting interest rates meeting by meeting, based on incoming information, amid heightened uncertainty.
The pan-European Stoxx 600 gained 3.01 points, or 0.48%, to close at 636.63.
Among the major national benchmarks, Italy's FTSE MIB led the advance, rising 443.02 points, or 0.87%, to 51,261.40, the strongest percentage gain of the five. Germany's DAX climbed 194.98 points, or 0.77%, to 25,449.19, and Spain's IBEX 35 added 144.50 points, or 0.75%, to 19,444.20. Britain's FTSE 100 rose 43.75 points, or 0.42%, to 10,541.69, while France's CAC 40 advanced 30.97 points, or 0.40%, to 7,865.07.
Germany: New manufacturing orders dropped 10.6% month-on-month in August after a revised 3.2% rise in July, the Federal Statistical Office said. The slump largely reflected a reversal in big-ticket orders for aircraft, ships, trains and military vehicles. Stripping out large-scale orders, demand slipped 0.1%.
Eurozone: Retail trade volume rose 0.1% in August after a 0.6% fall in July, Eurostat reported, with sales up 0.8% from a year earlier. Non-food sales grew 0.5% on the month, while automotive fuel sales fell 1.9%. Across the EU, retail trade edged up 0.1% monthly and 1.2% annually.
France: Manufacturing output rebounded 0.3% in August after a 0.8% decline in July, according to the national statistics institute INSEE. Overall industrial production nonetheless fell 0.3%, following a 0.6% contraction.
On the policy front, Bank of Finland Governor Olli Rehn cautioned that a drawn-out war in the Middle East would heighten the risk of higher energy prices feeding through to other prices and wages.
Rehn, a member of the ECB Council, said such spillovers had yet to materialize, with rising long-term interest rates slowing growth and restraining the pass-through of energy costs to broader inflation.
He said the ECB would keep setting interest rates meeting by meeting, based on incoming information, amid heightened uncertainty.
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