Arab Today, arab today european stocks recover on eurozone data
Last Updated : GMT 18:18:43
Arab Today, arab today
Arab Today, arab today

European stocks recover on eurozone data

Arab Today, arab today

Arab Today, arab today European stocks recover on eurozone data

Shares in German energy giants E.ON and RWE
London - AFP

Europe's main stock markets closed higher Wednesday, recovering some of the previous session's sharp losses as investors reacted positively to eurozone growth data.
London's benchmark FTSE 100 index finished 1.62 percent ahead at 6,032.24 points in the capital, while the Paris CAC 40 closed 0.10 percent up at 4,432.83 compared with Tuesday's close.

Frankfurt's DAX 30 ended 0.44 percent higher at 9,612.62 points, lifted in part by a surge in scandal-battered Volkswagen's share price as group CEO Martin Winterkorn announced his resignation.

European indices had tumbled Tuesday, dragged down by sharp losses to share prices of carmakers and miners on the Volkswagen pollution fraud scandal and a bleak outlook for China's economy, dealers said.

Traders appeared to mute those concerns long enough for Wednesday's rebound.

"Ironically, gains are despite disappointing Chinese manufacturing PMI data overnight which only adds to pre-existing concerns about the world's number two economy, but suggests markets are becoming increasingly accustomed to China data confirming a slower pace of economic growth," said Mike van Dulken, head of research at traders Accendo Markets.

Investors were more actively encouraged by continued signs of growth in the eurozone economy.

Despite a slight dip in September, the eurozone still managed to expand at its fastest quarterly rate in four years, a key business survey showed Wednesday.
- 'Steady growth of eurozone' -

Data company Markit said the flash reading of its eurozone Purchasing Managers Index fell to 53.9 points in September from 54.3 points in August.

Despite the drop, the reading was still comfortably above the 50 points mark signifying expansion.

The readings "pointed to steady growth of the eurozone economy at the end of the third quarter", Markit said.

The euro rose to $1.1163 from $1.1132 late in New York on Tuesday, as markets followed comments by European Central Bank president Mario Draghi about the ECB's readiness to adapt its policies to kindle growth.

"Draghi... (reaffirmed) the ECB would take the 'necessary' steps to enhance monetary stimulus in the face of the worldwide economic risks currently threatening the region's recovery," said Spreadex analyst Connor Campbell, who noted the guardedly positive economic outlook allowed European bourses to hold "onto their morning gains with remarkable vigour as Wednesday continued."

On the corporate front, shares in auto giant Volkswagen rebounded by 5.19 percent to 111.50 euros on the Frankfurt stock exchange, with investors apparently feeling CEO Winterkorn's resignation may help the company turn a corner on the emissions scam scandal that has battered its stock prices.

Volkswagen lost 35 percent -- or 25 billion euros ($28 billion) -- off the company's market value on Monday and Tuesday alone.

Winterkorn announced his resignation Wednesday afternoon over the affair that has sparked a US criminal investigation and worldwide legal action with unfathomable financial consequences for VW.

Later in the day, Volkswagen's senior supervisory board said it would announce a new chairman on Friday, and consider other departures necessary to respond to the scandal.

Asian stocks closed lower after the monthly gauge of Chinese manufacturing activity in September hit a six-and-a-half-year low, sending indices across the region into the red.

US stocks initially followed Europe's positive lead at the open before heading downward on China concerns.

In early afternoon Wall Street trade, the Dow Jones Industrial Average was down 0.61 percent at 16,320.62 points.

The broad-based S&P 500 slid 1.23 percent to 1,942.74, while the tech-rich Nasdaq Composite Index slipped 0.27 percent to 4,743.69.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today european stocks recover on eurozone data Arab Today, arab today european stocks recover on eurozone data

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 06:16 2017 Monday ,20 February

Bank shares lift Tadawul

GMT 13:43 2017 Sunday ,19 February

Local institutional buying lifts Oman shares higher

GMT 15:33 2017 Saturday ,18 February

Lock-up shares worth 39 bln yuan eligible for trade

GMT 09:49 2017 Saturday ,18 February

Qatar Stock Exchange Index Gains 190.17 Points This Week

GMT 09:15 2017 Friday ,17 February

Asia stocks retreat after week-long Trump rally
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday