Investing.com - European stocks were higher on Wednesday, after the release of strong German manufacturing activity and service sector data, although a disappointing Chinese report fuelled fresh concerns over the outlook for growth in the world's second largest economy.
During European morning trade, the EURO STOXX 50 advanced 0.69%, France’s CAC 40 gained 0.67%, while Germany’s DAX 30 climbed 0.56%.
Markit research group said Germany's manufacturing purchasing managers' index rose to 50.3 in July, from a reading of 48.6 the previous month, beating expectations for a rise to 49.2 and re-entering expansion territory for the first time since February.
Markit said Germany's service sector PMI rose to 52.5 this month, from 50.4 in June, exceeding expectations for a rise to 50.8.
Earlier in the day, the preliminary reading of China’s HSBC manufacturing PMI fell to an 11-month low of 47.7 in July, from a final reading of 48.2 last month. Analysts had expected the index to rise to 48.6.
Financial stocks were mostly higher, as French lenders BNP Paribas and Societe Generale climbed 0.76% and 0.32%, while Germany's Deutsche Bank slipped 0.11%.
Bloomberg reported earlier that Deutsche Bank was preparing to consolidate two debt-trading groups in London, as it seeks to cut costs and riskier holdings.
Among peripheral lenders, Spanish banks BBVA and Banco Santander gained 0.72% and 0.97% respectively, while Italy's Intesa Sanpaolo and Unicredit jumped 1.23% and 1.27%.
In London, commodity-heavy FTSE 100 was up 0.66%, as U.K. lenders tracked their European counterparts higher.
Shares in Lloyds Banking added 0.33% and the Royal Bank of Scotland edged up 0.13%, while Barclays and HSBC Holdings climbed 0.36% and 0.95%.
Also on the upside, ARM Holdings, the chip designer whose products power Apple's iPhones and iPads, surged 1.95% after reporting second-quarter sales that beat estimates as phone and tablet makers demanded more advanced graphics and processing technology.
Meanwhile, mining stocks were mixed with Rio Tinto adding 0.31% and Vedanta Resources rallying 1.52%, while BHP Billiton and Anglo American slipped 0.03% and 0.26% respectively.
Elsewhere, British carmaker Daimler tumbled 0.91%, even as it forecast significant gains in second-half earnings as new models spur demand.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.23% gain, S&P 500 futures signaled a 0.25% rise, while the Nasdaq 100 futures indicated a 0.76% increase.
Later in the day, the euro zone was to release data on manufacturing and service sector activity, while the U.S. was to produce official data on new home sales.
During European morning trade, the EURO STOXX 50 advanced 0.69%, France’s CAC 40 gained 0.67%, while Germany’s DAX 30 climbed 0.56%.
Markit research group said Germany's manufacturing purchasing managers' index rose to 50.3 in July, from a reading of 48.6 the previous month, beating expectations for a rise to 49.2 and re-entering expansion territory for the first time since February.
Markit said Germany's service sector PMI rose to 52.5 this month, from 50.4 in June, exceeding expectations for a rise to 50.8.
Earlier in the day, the preliminary reading of China’s HSBC manufacturing PMI fell to an 11-month low of 47.7 in July, from a final reading of 48.2 last month. Analysts had expected the index to rise to 48.6.
Financial stocks were mostly higher, as French lenders BNP Paribas and Societe Generale climbed 0.76% and 0.32%, while Germany's Deutsche Bank slipped 0.11%.
Bloomberg reported earlier that Deutsche Bank was preparing to consolidate two debt-trading groups in London, as it seeks to cut costs and riskier holdings.
Among peripheral lenders, Spanish banks BBVA and Banco Santander gained 0.72% and 0.97% respectively, while Italy's Intesa Sanpaolo and Unicredit jumped 1.23% and 1.27%.
In London, commodity-heavy FTSE 100 was up 0.66%, as U.K. lenders tracked their European counterparts higher.
Shares in Lloyds Banking added 0.33% and the Royal Bank of Scotland edged up 0.13%, while Barclays and HSBC Holdings climbed 0.36% and 0.95%.
Also on the upside, ARM Holdings, the chip designer whose products power Apple's iPhones and iPads, surged 1.95% after reporting second-quarter sales that beat estimates as phone and tablet makers demanded more advanced graphics and processing technology.
Meanwhile, mining stocks were mixed with Rio Tinto adding 0.31% and Vedanta Resources rallying 1.52%, while BHP Billiton and Anglo American slipped 0.03% and 0.26% respectively.
Elsewhere, British carmaker Daimler tumbled 0.91%, even as it forecast significant gains in second-half earnings as new models spur demand.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.23% gain, S&P 500 futures signaled a 0.25% rise, while the Nasdaq 100 futures indicated a 0.76% increase.
Later in the day, the euro zone was to release data on manufacturing and service sector activity, while the U.S. was to produce official data on new home sales.