EU STOCKS rise after upbeat PMIs

European stock markets climbed on Wednesday, after better-than-expected purchasing managers’ indexes from the region spurred hopes about the economic recovery.

 

The Stoxx Europe 600 index  added 0.5% to 300.83, after posting a 0.3% loss on Tuesday.

More broadly, investors digested the preliminary PMI releases from France, Germany and the euro zone, all coming in slightly better than anticipated.

 

The composite euro-zone index climbed to an 18-month high of 50.4 in July from 48.7 in June. The consensus estimate ahead of the data was 49.3.

 

In Germany, the composite index climbed to a five-month high of 52.8, while France’s similar poll moved up to a 17-month high at 48.8.

 

Germany’s DAX 30 index  rose 0.5% to 8,357.54, while France’s CAC 40 index  added 0.7% to 3,949.99.

 

The U.K.’s FTSE 100 index  gained 0.6% to 6,637.43.

 

Shares of Easyjet PLC  rallied 5.1% after the budget airline said third-quarter revenue grew by 10.5%.

 

ARM Holdings PLC   picked up 2.8% after the chip maker reported a 26% rise in second-quarter revenue, beating analysts’ expectations.

 

Among other notable movers in Europe, Daimler AG  slipped 0.7% after the car maker said it expects full-year earnings from ongoing business to be lower than in 2012. The firm, however, almost doubled net profit in the second quarter.

 

Shares of truck maker Volvo AB  added 2.9% after the Swedish firm repeated its forecast for demand for heavy-duty trucks in Europe.

 

Shares of Kingfisher PLC  put on 1.4% after the home-improvement retailer said comparable sales rose 2.5% in the 10 weeks to July 13.

 

 

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