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European stocks rise

On Wednesday, European stocks rose, as markets were mainly focusing on a string of manufacturing as well as service sector data from the euro zone due throughout the morning.

During European morning trade, the EURO STOXX 50 added 0.19%, French CAC 40 gained 0.18% and German DAX 30 earned 0.23%.

The preliminary reading of Markit’s French services purchasing managers’ index demonstrated 52.6 this month, rising from 51.4 in October. It turned to be the highest outcome in two months and it was better than economists’ predictions for an uptick to 51.9.

The French manufacturing PMI edged down to a two month low of 51.5, compared to hopes for 51.4 and down from 51.8 in October.

Financial stocks were mostly lower, as French lenders BNP Paribas and also Societe Generale dropped 0.79% and 0.96% respectively, though Germany’s Deutsche Bank as well as Commerzbank lost 0.47% and 1.75%.

Among peripheral lenders, Italian Intesa Sanpaolo and Unicredit lost 1.65% and 2.53% respectively, Spanish bank Banco Santander declined 0.39%.

 

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