Europe shares extend gains as German data beats

18.11.2014 14:08

European shares pushed higher in mid-morning trade on Tuesday as new data for Germany beat expectations and buoyed investor sentiment.

Symbol
Name
Price
Change
%Change
Volume
FTSE FTSE 100 Index 6702.26
30.29 0.45% 256693828
DAX DAX Index 9412.55
106.20 1.14% 27621065
CAC 40 CAC 40 Index 4255.34
29.24 0.69% 34946384
IBEX 35 IBEX 35 Idx 10412.30
103.30 1.00% 129311071

ZEW beats forecasts

The pan-European Euro Stoxx 600 index rose, with investors cheering new economic data from Germany. The keenly watched German ZEW indicator of economic sentiment came in at 11.5 points for November, versus -3.6 in October.

Tuesday’s data was viewed as promising, given recent signs the German economy was slowing. The German DAX traded over 1 percent higher after the news.

“Stabilizing surveys in Germany are good news,” Evelyn Herrmann, the European economist at BNP Paribas said in a note after the news.

“We think that the stabilization of the DAX compared to mid-October levels combined with the confirmation that German growth did not fall off a cliff in (the third quarter) contributed to the improvement in sentiment.”

Read MoreKey German data looms: Time to loosen purse strings?

UK inflation

U.K. inflation for October was also out on Tuesday morning. Consumer prices grew by 1.3 percent year-on-year, up from September’s five-year low of 1.2 percent, according to official data.

Read MoreUK inflation edges up, meeting expectations

Japan bounce

In Asia, Japan’s Nikkei 225 index recouped more than half of Monday’s steep losses buoyed by expectations that Prime Minister Shinzo Abe will announce a delay in a planned sales tax hike following Monday’s grim third quarter GDP data. Asian markets on the whole were mixed Tuesday afternoon, with Sydney and mainland indices underperforming on the back of a steeper-than-expected fall in China’s new home prices.





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