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China factory data drives bounce in European shares

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By Reuters
China factory data drives bounce in European shares
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 29, 2019. REUTERS/Staff   -   Copyright  STAFF(Reuters)
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(Reuters) – European shares edged higher on Monday as upbeat factory activity data from China boosted trade-sensitive sectors such as miners, oil and gas, as well as automakers.

The pan-European STOXX 600 index <.STOXX> rose 0.3% by 0813 GMT, led by a 1.2% gain for China-exposed miners <.SXPP>, while rising oil prices helped the energy sector <.SXEP> up 0.5%.

Optimism spilled over from Asian markets as a private business survey showed factory activity in China unexpectedly expanded at the quickest pace in almost three years in November, with solid increases in output and new orders.

IHS Markit’s November factory activity data for major European economies are due by 0850 GMT, with German and French numbers expected to remain unchanged from October, according to a Reuters poll.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)