European markets focus on data release, manufacturing PMI, trade

LONDON – European stocks rose on Thursday amid a spate of data releases from the region.

The pan-European Stoxx 600 rose 0.4% during afternoon trading, with tech stocks climbing 1.6% to lead gains, while autos resisted the 0 downtrend. 5%.

European investors are digesting the region’s data releases on Thursday which may offer more clues about the health of the European economy.

Eurozone manufacturing activity grew at its fastest pace on record in March, with IHS Markit’s final manufacturing PMI standing at 62.5 from 57.9 in February.

The rebound was led by Germany, which reached a reading of 66.6 on resumption of demand from the United States and China. However, German retail sales in February fell short of economists’ expectations to rise 1.2%, down 9% from the same period last year.

Meanwhile, new data from China showed the slowdown in Chinese factory activity growth in March. The Caixin / Markit Manufacturing Purchasing Managers Index (PMI) for March stood at 50.6, down from 50.9 in February.

By comparison, China’s official manufacturing PMI released on Wednesday stood at 51.9, higher than the February reading of 50.6. PMI readings above 50 signify expansion while those below this level signify contraction.

Data in the United States will also be tracked in Europe on Thursday, with weekly unemployment claims data from the United States Department of Labor and several manufacturing and construction data sets expected to be released. Economists polled by Dow Jones wrote 674,000 initial jobless claims in pencil, which would be a slight drop from the previous report.

In terms of individual share price movement, Danish hospital equipment maker Ambu climbed 6% to lead the Stoxx 600 in the early afternoon.

At the bottom of the index, French IT firm Atos plunged more than 15% after an audit found accounting errors in two of its US units.

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– CNBC’s Jesse Pound and Eustance Huang contributed to this market report.