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European markets move higher after strong China data; Danske Bank shares fall 4%

運営事務局 JIMOPLE 40 November 1, 2019

European stocks were higher Friday morning, after an unexpected bounce in Chinese manufacturing activity boosted market sentiment.

The pan-European Stoxx 600 was up around 0.4% during early morning deals, with almost all sectors and major bourses in positive territory.

Europe's basic resources stocks — with their heavy exposure to China — led the gains Friday morning, up almost 1% shortly after the opening bell.

Factory activity in the world's second-largest economy expanded at its fastest pace since February 2017, official data published on Friday showed, as both export orders and production increased.

The expansion defied market expectations and stood in contrast to official manufacturing data released on Thursday.

Looking at individual stocks, Sweden's Loomis surged toward the top of the European benchmark during early morning trade. The cash handling company reported an increase in third-quarter revenue on Friday morning, with shares up more than 7%.

Meanwhile, Denmark's largest lender reported slightly weaker-than-anticipated third-quarter earnings and announced it had narrowed down its annual profit goals. Shares of Danske Bank slumped more than 4% on the news. The lender is currently trying to restore its reputation after being involved in one of the world's biggest money-laundering scandals.

China's stronger-than-anticipated economic data came shortly after a report dampened hopes of a long-term trade deal between the U.S. and China.

A Bloomberg report published Thursday, citing unnamed Chinese officials, raised doubts about the prospect of both sides reaching an agreement later this month.

The U.S. and China secured a limited trade deal last month, in an attempt to end a protracted dispute that has battered financial markets and hammered global growth.