European stocks gain on solid data

European stocks advanced as data from Germany and France signaled that the region’s economic recovery
is on track. U.K. assets showed resilience in the wake of a suicide bomb attack.
Technology companies helped spur the Stoxx Europe 600 Index after Nokia Oyj settled a litigation with Apple Inc. The U.K.’s FTSE 100 Index rose a third day, the pound pared declines and gilts were steady after a terrorist attack killed at least 22 people at a concert in Manchester. The dollar declined after the Washington Post reported Donald Trump asked intelligence chiefs to publicly deny collusion between his campaign and Russia. Oil dropped, halting a four-day rising streak that took the price of crude above $51 a barrel.
Confidence is building in the European economy, with data on Tuesday confirming the German economy is firing on all cylinders and France’s is gathering momentum, while a euro-area Purchasing Managers’ Index showed manufacturing in the bloc expanded at the fastest pace in more than six years. That’s
bolstering the case for investing in the region as political wrangling in Washington rumbles on, diverting attention from President Trump’s spending and tax plans.
“Europe’s growth numbers aren’t knocking the skin off the ball, but they are less volatile and it’s doing relatively well compared to the U.S., U.K. and Japan,” said Bill Blain, head of capital markets at London-based Mint Partners. “More than a few global investors have lost faith in the U.S. recovery and Trump jump.”

The Stoxx Europe 600 Index gained 0.2 percent by 10:55 a.m. in London. The U.K.’s FTSE 100 Index added 0.1 percent.

Futures on the S&P 500 climbed 0.1 percent after the underlying gauge rose 0.5 percent on Monday.

The Bloomberg Dollar Spot Index dropped for a third day, falling 0.1 percent to head for the lowest level since Nov. 4.

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov

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