European stock markets moved higher on Monday, lifted by HSBC Holdings PLC, after the heavyweight bank posted results, while airline and travel stocks were the biggest losers, after Ryanair Holdings PLC cut its outlook and warned of falling fares.
The Stoxx Europe 600 index rose 0.4% to 322.74.
The FTSE 100 index gained 0.5%. The German DAX 30 index rose 0.4%, while the French CAC 40 index added 0.4%.
The markets almost ignored the EU data as a gauge of Eurozone investor sentiment came in higher than expected: October Sentix Investor confidence rose to 9.3 in October from 6.1 the previous month and beating expectations of 6.0.
Earlier released data showed the key manufacturing PMI print in Germany climbed to 51.7 during October, surpassing both the median and September’s reading.
In UK data released showed the UK PMI Construction increased to 59.4 points in October, from 58.9 points in September. This is the highest level registered by the indicator since April 2007. Market consensus pointed to no change.
Shares of Ryanair led the decliners list, tumbling 11% after the Irish-based budget airline cut its full-year guidance due to a dip in average fares. Ryanair said it expects fares to fall by a further 9% in the third quarter and by up to 10% in the fourth quarter.
The news rippled through the sector, with EasyJet PLC losing close to 4%, Thomas Cook Group PLC down 2.2%, and Air France-KLM SA dropping close to 2%.
Shares of The Weir Group PLC were also being hit hard, off over 6% after the engineering company cut its 2013 revenue expectations due to further project-delivery delays and industrial unrest in South Africa.
Banks helped support the main Europe index, with HSBC Holdings PLC up over 2% after the investment bank reported a rise in profit. HSBC said profit before tax for the third quarter rose 30% to $4.53 billion versus $3.48 billion in the same period of 2012. The company also said revenue was stable, with third-quarter underlying revenue of $15.59 billion, largely unchanged from a year ago. The bank also said it achieved another $400 million of additional sustainable cost savings across all regions for the quarter.
ING Groep NV gained close to 1%.
Shares of PostNL NV jumped nearly 5% after the Dutch mail firm lifted its full-year outlook.
Some miners also pushed higher after data showing signs of growth in China’s service sector. China is a big user of natural resources. Shares of Rio Tinto PLC rose over 1%, and shares of BHP Billiton PLC gained 0.8%.
Shares of GlaxoSmithKline PLC rose over 1%.
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