The German market is in positive territory on Tuesday, after Eurozone manufacturing expanded for a twelfth successive month in June.
Eurozone manufacturing recovery slowed slightly more than initially estimated in June, final data from Markit Economics showed. Nonetheless, the score remained above 50, extending the recovery to a twelfth successive month in June.
The final Purchasing Managers' Index for manufacturing dipped to a seven-month low of 51.8 in June from 52.2 in May and below the earlier flash estimate of 51.9.
Estimates released by the German Federal Labor Agency showed that German jobless rate was unchanged at 6.7 percent in June, in line with expectations. The number of unemployed people rose by 9,000.
Meanwhile, the German Federal Statistics reported that jobless rate in the nation was unchanged at 5.1 percent in May.
A separate survey showed that manufacturing activity in the U.K. gained further ground in June, with the Markit/CIPS manufacturing purchasing managers' index rising 0.5 points to 57.5.
Chinese manufacturing purchasing managers' index rose to a six-month high in June after a weak start to the year. The results of a survey by the China Federation Of Logistics And Purchasing and the National Bureau of Statistics showed that the manufacturing PMI rose to 51 in June, in-line with economists' expectations, from 50.8 in May.
The Euro Stoxx 50 index of eurozone bluechip stocks is adding 0.46 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is gaining 0.59 percent.
The DAX index is currently adding 0.36 percent.
Bayer and Daimler are gaining around 1 percent each.
RWE and Deutsche Telekom are moderately higher.
Steel giant ThyssenKrupp is rising 1 percent. But steel firm Kloeckner is declining 4.2 percent, as the stock was cut to ''Underperform'' from ''Outperform'' at Credit Suisse.
Rhoen Klinikum is falling 2 percent, after Fresenius sold its 5 percent stake in the German hospital operator.
Engineering group Bilfinger is declining 16 percent after cutting its full year outlook.
Other major markets in the region are also gaining. The Asian stocks closed mixed, as soft Tankan survey results and Wall Street lead curtailed the market mood.
In the U.S., futures point to a higher open on Wall Street. In the previous session, stocks showed a lack of direction throughout the trading day, with the major averages eventually ending the day on opposite sides of the unchanged line.
While the Nasdaq rose 0.2 percent, the Dow dipped 0.2 percent and the S&P 500 edged down less than a tenth of a percent.
Crude for August delivery is adding $0.37 to $105.74 per barrel, while gold is rising $5.5 to $1327.5 a troy ounce.
For comments and feedback contact: editorial@rttnews.com
Market Analysis