european equity gains capped by manufacturing woes
Last Updated : GMT 09:26:02
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European equity gains capped by manufacturing woes

Arab Today, arab today

Arab Today, arab today European equity gains capped by manufacturing woes

London - AFP

European shares rose on Friday, but gains were capped by a stream of downbeat manufacturing data in Britain, China and the eurozone, ahead of the latest reading from the United States. Sentiment was supported by Greek lawmakers\' agreement in a second vote to the implementation of austerity measures aimed at avoiding a default that could have sparked another global financial crisis. In midday deals, London\'s FTSE 100 index of top shares added 0.43 percent to 5,971.26 points and in Paris the CAC 40 index advanced 0.07 percent to 3,985.07. Frankfurt\'s DAX 30 gained 0.08 percent to 7,282.08 points and the Stoxx 50 index of leading eurozone companies won 0.14 percent to 2,852.64. Growth in private sector manufacturing across the eurozone hit a one-and-a-half-year low in June, hit by the impact of budget cuts and weaker exports, according to data from London-based research group Markit. The manufacturing purchasing managers\' index (PMI) for the 16 countries that share the euro dived to an 18-month low at 52.0 in June, from 54.6 in May. While the reading was lower than expected, any score above 50.0 indicates growth. Separately, Markit also revealed that Britain\'s manufacturing sector barely expanded in June, when the PMI dropped to 51.3 compared with 52.0 in May. \"It is notable that the further slowdown in UK manufacturing activity in June was replicated across Europe and also in several other countries,\" said IHS Global Insight economist Howard Archer in London. \"This indicates that the global manufacturing rebound from the sharp drop in output suffered during the 2008-2009 recession is now running out of breath. \"This may well be influenced by inventory rebuilding having now largely run its course as well as slowing demand.\" Adding to the gloom, German manufacturing slowed to its weakest expansion rate for 17 months, and France slowed to a 22-month low. Italy, Ireland, Spain and Greece all contracted. \"Over the past two months, (eurozone) output growth has weakened to the greatest extent since late-2008,\" said Markit chief economist Chris Williamson in a statement. \"This reflects a combination of lacklustre domestic demand in many countries, especially the austerity hit periphery, as well as a near-stagnation of export sales.\" Later on Friday, traders will focus on US manufacturing data after stronger-than-expected production figures in the Chicago region on Thursday. Asian stock markets traded mixed on Friday, weighed by data showing that growth in manufacturing activity almost stalled in China last month. Tokyo gained 0.53 percent, Seoul closed 1.19 percent higher, while Shanghai fell 0.10 percent and Sydney ended 0.36 percent lower. Hong Kong and Bangkok were closed for public holidays. Growth in China\'s manufacturing activity almost stalled in June, with the official PMI falling for the third straight month to 50.9 in June from 52.0 in May, official data showed. Separately, the HSBC China Manufacturing PMI fell to an 11-month low 50.1 in June from 51.6 in May. Asian investors were given a strong cue after a rally on Wall Street, where the Dow jumped 1.25 percent, its fourth straight gain, on the back of the Chicago production data.

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