European Shares Gain As Manufacturing PMI Improves

(RTTNews) - European stocks traded higher on Friday, with miners leading the surge on improved manufacturing data from China.

Encouraging Eurozone manufacturing and U.K. house price data also boosted sentiment ahead of ISM manufacturing PMI readings from the U.S. as well as Fed Chair Jerome Powell's speech due later in the day.

Eurozone factory downturn remained strong in November, but reductions in output, new orders and inventories eased.

The HCOB Eurozone Manufacturing PMI, compiled by S&P Global, improved to 44.2 from 43.1 in October.

Elsewhere, U.K. house prices rose by 0.2 percent in November, marking the third successive monthly increase, the latest Nationwide house price index revealed.

The pan European STOXX 600 was up 0.7 percent at 464.87 after rising 0.6 percent on Thursday.

The German DAX, France's CAC 40 and the U.K.'s FTSE 100 were up between 0.6 percent and 0.8 percent.

Anglo American, Antofagasta and Glencore jumped 3-6 percent after China's Caixin manufacturing activity unexpectedly expanded in November.

The Caixin manufacturing Purchasing Managers' Index rose to a three-month high of 50.7 in November from 49.5 in October.

AstraZeneca added 1.2 percent after announcing it is discontinuing two phase III trials into hyperkalaemia treatment.

Capgemini slipped half a percent. The French information technology services and consulting major said that its Chief Financial Officer, Carole Ferrand, is stepping down to pursue other career opportunities.

Bechtle AG, a German IT systems house and e-commerce provider, plunged 5.5 percent after announcing a convertible bond offering.

Reinsurer Swiss Re fell about 2 percent after it announced new financial targets for 2024.

Crisis-hit Swedish streaming company Viaplay tanked 76 percent after announcing plans to raise new equity and restructure its debt.