• search

Array

Written by: Staff
|

LONDON, Mar 1 (Reuters) News of the fastest growth in euro zone manufacturing in 19 months cheered equity investors on Wednesday, helping European stocks halve hefty losses from the previous session.

The data dimmed demand for euro zone bonds and lifted the euro to a one-week high at $1.1968 as the dollar continued to suffer from disappointing U.S. data earlier in the week.

The pan-European FTSEurofirst index was up 0.4 per cent, with oil companies leading gainers as crude prices extended Tuesday's rally.

U.S. stocks were also poised for a rebound.

The U.S. personal income and spending report for January threw up few surprises, with consumer spending up 0.9 per cent, just below expectations, leaving investors focused on nationwide manufacturing data at 1500 GMT (2030 IST).

''The data was pretty much in line with expectations,'' said Alex Beuzelin, senior market analyst at Ruesch International, adding the dollar was still suffering from Tuesday's weak data.

Weaker than expected business activity from the U.S. Midwest, a slip in consumer confidence and a fall in the sales of existing U.S.

homes on Tuesday fanned concern over the health of the world's biggest economy.

DOLLAR STRUGGLES, OIL GAINS The dollar was down 0.35 per cent against the euro. Against the yen, the dollar steadied at 115.80, having hit a one-month low below 115.45 yen in Asia.

Asian stocks closed lower, with Japan's Nikkei index down 1.5 per cent.

Oil prices inched up ahead of weekly U.S. inventory data expected to show spring refinery maintenance has begun to reode healthy fuel stockpiles.

U.S. light crude for April delivery was up 50 cents at $61.85 a barrel, while Brent was up 60 cents at $62.36, building on a 77 cent gain on Tuesday.

Euro zone government bond yields continued their recent climb as signs of a broadening recovery in the region's economy encouraged investors to bet on higher interest rates in the currency bloc.

The European Central Bank is widely expected to raise rates by a quarter point to 2.5 per cent on Thursday and to deliver two more hikes of the same size before the end of the year.

REUTERS SD PM2036

For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X

Loksabha Results

PartyLWT
BJP+153198351
CONG+444488
OTH958103

Arunachal Pradesh

PartyLWT
BJP24024
CONG404
OTH606

Sikkim

PartyLWT
SDF12012
SKM11011
OTH000

Odisha

PartyLWT
BJD1080108
BJP24024
OTH14014

Andhra Pradesh

PartyLWT
YSRCP10347150
TDP16824
OTH101

LEADING

Misa Bharti - RJD
Pataliputra
LEADING
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more