European Shares Rise As Debt Default Worries Ease

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(RTTNews) - European stocks climbed on Thursday as investors cheered signs of progress on the U.S. debt ceiling deal, solid manufacturing data from China and dovish comments from Federal Reserve officials hinting at a pause in interest-rate hikes.

Closer home, Eurozone inflation eased sharply to a 15-month low of 6.1 percent in May largely due to a fall in energy prices, flash data from Eurostat showed.

The euro area manufacturing purchasing managers' index (PMI) was slightly revised upwards to 44.8 in May, while German retail sales rose 0.8 percent month-on-month in April, partially reversing a 2.4 percent decline in the previous month.

The pan European STOXX 600 was up 0.8 percent at 455.33 after declining 1.1 percent on Wednesday.

The German DAX rallied 1.1 percent, France's CAC 40 rose 0.8 percent and the U.K.'s FTSE 100 was up half a percent.

Equipment manufacturer FLSmidth jumped 3 percent after it acquired the American company Morse Rubber.

Lonza rose 1.3 percent after it acquired Synaffix, a Dutch biotech company focused on the development of antibody drug conjugates.

Miners Anglo American and Antofagasta both rallied around 2 percent as concerns about China's economic recovery eased.

British bootmaker Dr Martens plunged 10 percent after a warning that its profit margins will fall this year.

BAE Systems gained about 1 percent. The provider of defense, aerospace, and security solutions announced has entered into an arrangement with Morgan Stanley & Co. International plc to initiate the share repurchase of 500 million pounds worth of shares in the third tranche.

Safran gained 1.3 percent in Paris. The aerospace and defense company said that it has entered into exclusive discussions with Air Liquide SA to buy its aeronautical oxygen and nitrogen activities, excluding the cryogenic activities related to marine applications.

Spirits group Remy Cointreau edged down half a percent after it warned of a continued slowdown of consumption growth in the U.S.

U.S. Consumer Sentiment Deteriorates Slightly More Than Initially Estimated In August

The University of Michigan released a report on Friday showing consumer sentiment in the U.S. deteriorated by slightly more than previously estimated in the month of August. The report said the consumer sentiment index for August was downwardly revised to 58.2 from the preliminary reading of 58.6.

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Chicago Business Barometer Slumps Much More Than Expected In August

MNI Indicators released a report on Friday showing a sharp pullback by its reading on Chicago-area business activity in the month of August. The report said the Chicago business barometer tumbled to 41.5 in August after jumping to 47.1 in July, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 46.0.

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U.S. Consumer Prices Increase In Line With Estimates In July

Consumer prices in the U.S. increased in line with economist estimates in the month of July, according to closely watched data released by the Commerce Department on Friday. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.

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German Unemployment Exceeds 3 Mln

Germany's unemployment exceeded the three million-mark for the first time in a decade in August as the prolonged period of subdued economic activity weighed on the labor market. The number of unemployed persons increased by 46,000 from the previous year to 3.025 million in August. However, unemployment fell by adjusted 9,000 compared to the previous month, while it was forecast to increase by 1

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