European Bourses End in Green Following Economic Data Releases

Last Updated: Tuesday, October 5, 2021 12:45 PM | MT Newswires

European stocks closed higher on Tuesday after economic data were released from across the continent.

The Stoxx Europe closed 1.2% higher and the FTSE 100 in the UK was up 0.9%. The German DAX closed up 1.1%, the French CAC rose 1.5%, while the Swiss Market Index was marginally up.

The UK's final services PMI inched up to 55.4 in September from 55.0 in August as business activity continues recovering from the COVID-19 lockdowns, IHS Markit said. The latest reading surpassed the flash estimate of 54.6.

The euro area's final services PMI declined to 56.4 in September from 59 in August, just above the flash figure of 56.3, IHS Markit said. Meanwhile, the eurozone's composite output index fell to 56.2 in September from 59 in August, the lowest reading since April. It narrowly beat the flash figure of 56.1.

Spain's consumer confidence index climbed to 98.3 in September 2021 from 91.6 in August, reaching the highest level since the COVID-19 pandemic started in early 2020, according to official data released. The latest reading is higher by 48.8 points than the prior-year period.

France's final services PMI slipped marginally to 56.2 in September from 56.3 in August, continuing the decline from the 41-month high in June, IHS Markit said. The latest reading remained above the flash estimate of 56. The composite index decreased to 55.3 in September from 55.9 in August, recording the weakest rate of growth since April.

Italy's seasonally adjusted PMI declined to 55.5 in September from 58 in August, signaling a slow down in the sector's growth momentum, IHS Markit said. The latest figure, which marks the weakest rate of expansion since May, fell short of the 56.5 market estimate. Meanwhile, Italy's composite output index fell to 56.6 in September from 59.1 in the prior month, indicating a slight moderation of growth.

On the corporate front, Greggs (GRG.L) was up over 7% after it said it expects full-year 2021 results to be ahead of estimates following strong sales performance in the third quarter.

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