European markets trade higher on China data, oil rebound

Wednesday, 06. April 2016 09:56

Stock markets in Europe started the trading day with modest gains, encouraged by somewhat better economic data from China and similar recovery of oil prices. Business activity in China has accelerated, as the Caixin PMI indicated rising to 51.3 points, compared to 49.4 in February; services sector was the main contributor to growth.

The Stoxx Europe 600 index rose 0.48% to 329 points by 9:50 a.m. CET.

The German DAX index rose 0.16% to 9,578 points, with ThyssenKrupp AG rising 2.23% and Deutsche Bank AG following up 1.99%, while Beiersdorf AG fell 1.56%.

In France, the CAC 40 added 0.54% to 4,273 points. Technip rose 2.94%, Total oiled up 1.83%, and LVMH climbed up 1.17%. Unibal-Rodamco fell 0.47% and Schneider Electric dropped 0.40%.

Across the Channel, the FTSE 100 rose 0.56% to 6,124 points. Mining sector pulled up the index, with Anglo American Plc rising 2.95%. Glencore added 1.59% following the announcement it would sell 40% of its agriculture business to Canada pension Plan Investment Board. Banking sector saw some decent gains, with Barclays, Lloyds, HSBC shares trading in volumes.  EasyJet Plc was flying 1.91% lower.

In Zurich, the Swiss Market Index was up 0.25% at 7,693 points. Barry Callebaut shares jumped 9.16% after the food and beverages company reported 4.5% higher sales but virtually the same profits at 200.7 million francs supressed by "weak cocoa products market". Swatch Group added 1.10%, Nestlé was at proper 0%, and Geberit dropped 0.84%.

The favourite European benchmark Brent for June delivery traded up 2.39% at $38.80 a barrel, and the U.S. light sweet crude WTI rose 3.10% to $37.04 a barrel. The Organization of the Petroleum Exporting Countries reported its OPEC daily basket price at $32.63 a barrel on Tuesday, compared with $33.33 the previous day. The OPEC governor for Kuwait Nawal al-Fuzaiasaid hinted at "positive indications" for an oil production freeze deal at January level ahead of the oil cartel meeting later in April.

The euro was 0.22% weaker against the U.S. dollar and 0.16% versus the Japanese yen. The European currency lost 0.07% to the U.K. sterling while appreciating 0.18% against the Swiss franc at 10:05 a.m. CET.

Gold slid 0.45% to $1,225.84 per troy ounce.

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Breaking the News / ZR