European stocks turn green; Euro Zone prelim PMI unchanged from March

European shares have moved into positive territory Monday, after a negative start amid mixed news including the preliminary April PMI.

European stocks turn green; Euro Zone prelim PMI unchanged from March

European stocks have moved higher in the early afternoon Monday, in the wake of a mixed morning of news. Among the news flow was the release of the preliminary euro zone April purchasing managers indexes, which held steady from March.

By 1335 BST, the EUROSTOXX 600 had edged up 0.02%, while the EUROSTOXX 50 was 0.25% in the green. Regional bourses were also more positive post lunchtime. The German DAX rose 0.11%, the French CAC was 0.12% higher and the Spanish IBEX was 0.13% in positive territory.

Euro Zone PMI

The latest preliminary release of the IHS Markit’s euro zone PMI Monday showed activity in the region’s private sector grew at the same pace as reported in March.

The preliminary composite output PMI – which combines activity across the manufacturing and services sectors – held steady at 55.2 in April, unchanged from the previous month’s performance.

That reflected a slight improvement in the services sector PMI to 55.0 from 54.9 and a slowdown in growth in the manufacturing PMI to 56.0, from 56.6.

“The Eurozone economy remained stuck in a lower gear in April,” said Chris Williamson, IHS Markit’s chief business economist.

“The April data are running at a level broadly consistent with Eurozone GDP growth of approximately 0.6% at the start of the second quarter,” Williamson added.

Stocks news

Stock movers are a little mixed, Monday.

UBS shares slid 3.28% to CHF16.64, despite reporting a better-than-expected Q1 profit and a positive period for its wealth management unit.

Also lower, were Reckitt Benckiser shares down 2.20% at £5,501.00 after JP Morgan analysts reduced their price target for the stock, according to a Reuters report.

Meanwhile, Dutch telecoms firm Philips shares moved 4.86% into positive territory to trade at €34.53. That notable gain came as investors were impressed with the firm’s confirmation of its 4%-6% comparable sales growth target for 2017-20.

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