Spreadex Market Update
European equities continued to hold onto gains
European equities continued to hold onto gains for a third day, helped by strong Chinese and Germany manufacturing data. The FTSE was also lifted by a recovering banking sector after Fitch upgraded a number of banks.
Manufacturing activity in Germany expanded at a faster rate than expected in July, easing concerns over the health of the euro zone's largest economy. The manufacturing purchasing managers' index rose to a seasonally adjusted 52.9 this month from a final reading of 52.0 in June. Chinese manufacturing data also beat expectations, growing at its fastest pace in 18 months in July. The survey by HSBC showed a rise to 52 in July from 50.7 in June, the latest evidence that the country's economy may be stabilising.Facebook Inc reported after the close yesterday, pushing shares up by 10% during pre-market trading. The world’s number 1 social media company reported a 61 percent increase in revenue during the second quarter, beating Wall Street's financial targets and sending shares to a record-high.
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