European stocks watch Eurozone PMI and Spain GDP

European stocks watch Eurozone PMI and Spain GDP

European stocks rose on Wednesday as investors react to the release of key data from the eurozone.

Pan-european Stoxx 600 Travel and leisure stocks rebounded 2.5%, gaining 1.1% in initial trade as all sectors and major markets entered the plus zone.

Eurozone business activity growth slowed in September, and IHS Markit’s preliminary Eurozone Comprehensive Purchasing Managers Index (PMI) figure was lower than expected to 50.1, down from 51.9 in August. Figures above 50 indicate expansion.

The services sector reversed in September, offsetting the strongest monthly manufacturing growth in two years as governments across Europe reintroduced partial restrictions to curb the increase in coronavirus cases.

Prior to this data, Spain corrected its second-quarter GDP (gross domestic product) decline to 17.8% compared to the first quarter, which was less severe than its initial estimate of 18.5%.

Stocks in the Asia Pacific region are Federal Reserve Bank chairman Jerome Powell On Tuesday.

Biggest move

British tech products company Diploma soared more than 22% in its initial trading after raising a share price of £190 million ($241 million).

Adidas shares rose 6.3%, and German sportswear brand Puma added 5%, fueled by strong performance reports from US rival Nike. British Airways’ parent company IAG rose 6.7% as the stock price attempted to recover from a recent defeat.

In the bottom of the European Blue Chip Index, Danish biotech company Genmab fell 12%. employees contributed to this market report.

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