Europe: Stock markets rise in the wake of New York

(CercleFinance.com) – Despite the publication of not very encouraging PMI indices on the old continent, the European stock markets are on the rise (+ 1.1% in London, + 0.6% in Frankfurt, + 1% in Paris ), in the wake of New York the day before (+ 0.5% on the Dow Jones).

‘Wall Street finished higher, supported by better-than-expected corporate results, such as Tesla, AT&T, Coca-Cola and satisfactory statistics such as jobless claims and sales of existing homes,’ recalls Kiplink Finance.

The euro zone’s IHS Markit flash composite PMI index fell for a third straight month in October, declining from 50.4 in September to 49.4, and signaling the first private sector contraction since June.

‘The risk of a double-dip recession worsened in October, as the recent rise in Covid-19 cases caused overall euro area activity to fall,’ says Chris Williamson, chief business economist at IHS Markit .

For the UK, the composite PMI index fell from 56.5 in September to 52.9 in October, but retail volume sales rose 1.5% in September, topping their level by 5.5%. pre-pandemic level.

‘Sales climbed 17.4% in the third quarter sequentially, by far a record,’ said Capital Economics, warning however that they ‘will probably start to stutter over the next few months with the end of the holiday plan and the rising unemployment ‘.

Among the results of the day, operators welcome those of car manufacturers Daimler (+ 2% in Frankfurt) and Renault (+ 2% in Paris), and especially that of the Barclays bank (+ 6% in London).

On the other hand, the financial community clearly sanctions the quarterly unveiled by the manufacturer of household appliances Electrolux (-3% in Stockholm) and the engineering company ABB (-3% in Zurich).

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