Stock Exchanges Rise after Factory Data | FinanceBrokerage
December kicked off with a robust mood for investors and stock exchanges. Stocks rose after the release of manufacturing data from China. Also, the eurozone eked out some hopes of a recovery in the global economy.
The STOXX Europe 600 gained, thanks to miners and energy shares. Factory activity in the region climbed to a three-month high last month, though job losses mounted.
Over in London, the FTSE 100 gained 0.5% at 7,385.82. In Germany, DAX gained 0.6% to 13,315.31, while France’s CAC 40 grew 0.6% to 3,940.39.
Futures in Wall Stree stock exchanges were also robust. Both the S&P 500 and Dow Jones gained 0.4%.
Last Friday, the S&P 500 lost 0.4%, although it ended the week higher. Last week, it reached all-time highs thrice. The Dow lost 0.4% while the NASDAQ Composite Index slipped 0.5%.
The robust data came alongside the record $7.4 billion online sales in the US for Black Friday.
Read further: Market News and Charts for December 02, 2019
China Factory Activity Boosts Stocks Exchanges
According to the data on Monday, Chinese factory activity grew at the fastest pace in nearly three years in November.
That data came from a private business survey. Meanwhile, official data showed that activity returned to growth in November for the first time in seven months.
Domestic demand picked up on Beijing’s faster stimulus measures to support growth.
The blue-chip CSI300 index gained 0.2% to 3,836.06 after the news. On top of that, the Shanghai Composite index moved 0.1% higher at 2,875.81.
The uptick in Chinese data paved the way for some amount of optimism in stock exchanges, according to one analyst.
Meanwhile, this week comes with critical events.
US ISM manufacturing and construction spending will come out later in the day. Over in the Middle East, Saudi Aramco’s IPO will take place on Thursday.
Lastly, the US will release the US jobs report for November this Friday. Estimates show that non-farm payrolls may have risen by 190,000 in November.
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