Stocks in Europe advances on positive PMI data

Stocks in Europe climbed higher on Monday, after the final manufacturing data for euro zone’s largest economies were released.

The Euro Stoxx 50 advanced 0.89% to 2,625.64 at mid-day in London, while the German’s DAX climbed 0.62% to 8,008.21 at the same time. The French CAC 40 gained 0.92% 3,773.90, while the UK FTSE 100 rose 0.99% to 6,277.30 .Beverage company Pernod Ricard rose 2.55%, while retailer Henner & Mauritz gained 3.63%.

According to the Manufacturing Purchasing Managers’ Indices (PMI) data released by the Markit Economics, the estimate of manufacturing in euro zone rose to 48.8 in June from previous record of 48.3 in May.

The final PMI for Spain rose to 50 points in June, compared to previous record of 48.1 in May. In Italy the final manufacturing PMI advanced to 49 in June, exceeding previous predictions of 47.6.  The French final manufacturing PMI rose to 48.4 in June from 46.4 in May, while the German’s final manufacturing PMI dropped to 48.6 in June from 49.4 in May.

The final manufacturing PMI in China was at 50.1 in June, analysts forecasted a slow-down in activity from previous reading of 50.8 in May.

In New York, the institute for supply management index advanced to 50.5 in June from previous reading of 49 in May, while Siemens gained 2.6% to 79.66 euros, after the companies concluded to bring the telecommunication-equipment to an end.