European shares clock strong gain to end week on robust US & China data


by   |  VIEW 179
European shares clock strong gain to end week on robust US & China data

On Friday, the 1st of November 2019, a basket of European shares had clocked their best intra-day gains in a week, while a relatively upbeat job data from the United States alongside a rebound in China’s manufacturing data had offset concerns related to a sluggish global growth.

Aside from that, followed by a statement from Chinese Commerce Department expressing sheer advancement on Sino-US trade-talk, the regional Pan-European index STOXX 600 wrapped up the day 0.6 per cent higher, while heavily export-oriented German DAX 30 index had rounded off the day 0.7 per cent following decent gains of the stocks exposed to China trading.

Meanwhile, Friday’s (November 1st) rally of European stocks seemed to be brewed off a decent US employment figure backed by a temporary government hiring of 20,000 positions for a US 2020 census, while a private business survey had revealed on Friday (November 1st) that China’s manufacturing activity grew at its fastest pace in more than 24 months in October, which had added a further bullish wing to investors’ hope.

Besides, referring to a monetary policy easing by US Fed alongside stronger data, a market analyst at City Index, Ken Odeluga said on Friday’s (November 1st) market closure, “It’s like icing on the cake with those stronger-than-expected numbers in the wake of an interest rate cut from the Federal Reserve”.

Quoting statistics, on Friday’s (November 1st) market round off, London’s FTSE 100 index added 0.75 per cent to 7,302.42, Germany’s DAX 30 rose by 0.73 per cent to 12,961.05, while French CAC 40 gained 0.56 per cent to 5,761.89.

Elsewhere in the Europe, Madrid’s IBEX 35 index soared 0.76 per cent to 9,328.00, while Italy’s MIB FTSE climbed 1.06 per cent to wrap up Friday’s (November 1st) market at 22,934.32.