Investing.com – European stocks closed higher on Thursday on the heels of positive U.S. business data despite an Italian bond auction missing its target.
After the close of European trade, the EURO STOXX 50 was higher by 1.65%France's CAC 40 climbed 1.84%, while Germany's DAX 30 advanced 1.34%. Meanwhile, in the U.K. the FTSE 100 jumped higher by 1.08%.
Euro shares closed higher on the session after the Institute for Supply Management reported a less than forecast decrease in its business barometer.
The ISM business barometer decreased to 62.5 this month from 62.6 in November. Analysts expected a drop to 61 therefore the reading provided a bullish surprise.
On a bearish note, A U.S. unemployment benefit filing report increased to 381,000 last week. This came in higher than economists projected, laying a negative aura on the optimism.
The much anticipated Italian long term bond auction disappointed investors with yields posting at just under 7%.
Manish Singh of Crossbridge Capital told Bloomberg, "The yield on Italian 10 year bonds coming in at just under 7% shouldn't be classified as a success."
Petroplus rebounded 3% after the French government stated it will help the refiner in its negotiations with banks.
Germany's largest drugmaker, Bayer AG, climbed 2.3%, while chemical company's were the best performers overall with Yara International advancing 1.1% and Syngenta also moving higher by 1.1%
U.S. stocks were higher across the board in midday trading with the Dow Jones Industrial Average climbing 0.68%, the S&P 500 adding 0.58% and the Nasdaq 100 moving higher by 0.49%.
Trading has been slow at only 31% of the average daily volume during this holiday week.
After the close of European trade, the EURO STOXX 50 was higher by 1.65%France's CAC 40 climbed 1.84%, while Germany's DAX 30 advanced 1.34%. Meanwhile, in the U.K. the FTSE 100 jumped higher by 1.08%.
Euro shares closed higher on the session after the Institute for Supply Management reported a less than forecast decrease in its business barometer.
The ISM business barometer decreased to 62.5 this month from 62.6 in November. Analysts expected a drop to 61 therefore the reading provided a bullish surprise.
On a bearish note, A U.S. unemployment benefit filing report increased to 381,000 last week. This came in higher than economists projected, laying a negative aura on the optimism.
The much anticipated Italian long term bond auction disappointed investors with yields posting at just under 7%.
Manish Singh of Crossbridge Capital told Bloomberg, "The yield on Italian 10 year bonds coming in at just under 7% shouldn't be classified as a success."
Petroplus rebounded 3% after the French government stated it will help the refiner in its negotiations with banks.
Germany's largest drugmaker, Bayer AG, climbed 2.3%, while chemical company's were the best performers overall with Yara International advancing 1.1% and Syngenta also moving higher by 1.1%
U.S. stocks were higher across the board in midday trading with the Dow Jones Industrial Average climbing 0.68%, the S&P 500 adding 0.58% and the Nasdaq 100 moving higher by 0.49%.
Trading has been slow at only 31% of the average daily volume during this holiday week.