European stock markets moved higher in choppy trade on Monday after Angela Merkel’s party won the German general election and data showed mixed picture in euro-zone economy in September.
The Stoxx Europe 600 index rose 0.1% to 313.65, partly climbing back from a 0.3% loss on Friday.
Germany’s DAX 30 index gained 0.3%, France’s CAC 40 index picked up 0.3% and the U.K.’s FTSE 100 index was slightly lower .
Merkel’s Christian Democratic bloc took 41.5% of the vote in yesterday’s election, to 25.7% for the Social Democrats of Peer Steinbrueck, according to results from all 299 districts.
Investors digested a round of mixed preliminary purchasing managers’ indexes from euro-zone countries. The September services PMIs beat expectations in both France and Germany, while the manufacturing readings missed market views and pulled back compared with August.
Among notable movers in the index, shares of National Grid PLC fell 1.5% after UBS cut the utility firm to neutral from buy.
On a more upbeat note, shares of Aberdeen Asset Management PLC gained 2.6% after the investment said underlying pretax profit for the full year is expected to come in toward the upper end of market forecasts.
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