Europe open: Stocks recover after initial stumble
An hour after the open European equities were to be seen paring an initial drop on the heels of a better than expected reading on German and Eurozone manufacturing which helped to compensate for weak French data.
Survey compiler Markit’s manufacturing sector purchasing managers’ index for the Eurozone moved higher in October, to a reading of 50.7 versus a print of 50.3 in the month before (consensus: 49.9).
As of 09:15 the Dax-30 was down by 0.69% to 8,926.31 points, followed close behind by the FTSE Mibtel which was lower by 0.22%, while the Cac-40 could be seen down by another 0.23%.
In company news, French tire-maker Michelin slashed its full-year sales guidance and said it would move to rein in investment.
Daimler Chrysler saw third quarter operating profits grow by 67%, with the investment bank telling investors it was cautiously optimistic for the end of the year.
Credit Suisse beat analysts’ forecasts for third quarter earnings
From a sector stand-point the worst performance on the DJ Stoxx 600 is now to be seen in the following industrial groups: Oil&gas (-1.19%), Basic resources (-1.08%) and Retail (-0.89%).
The euro/dollar is edging higher by 0.16% to reach 1.2665.
Front month Brent crude futures slipped 0.15% to $84.58 per barrel on the ICE.