European stock markets end in the green after the publication of economic data


European stocks closed higher on Tuesday after the release of economic data from across the continent.

Stoxx Europe closed up 1.2% and UK FTSE 100 rose 0.9%. The German DAX closed 1.1% higher, the French CAC rose 1.5%, while the Swiss market index was slightly higher.

The UK’s final services PMI rose to 55.4 in September from 55.0 in August, as business activity continues to recover from lockdowns from COVID-19, IHS Markit said. The last reading exceeded the flash estimate of 54.6.

Eurozone final services PMI fell to 56.4 in September from 59 in August, just above the flash of 56.3, IHS Markit said. Meanwhile, the eurozone’s composite output index fell to 56.2 in September from 59 in August, the lowest level since April. It narrowly beat the flash number of 56.1.

The Spanish consumer confidence index climbed to 98.3 in September 2021 from 91.6 in August, reaching the highest level since the start of the COVID-19 pandemic in early 2020, according to published official data. The latest reading is 48.8 points higher than the period of the previous year.

France’s final services PMI slipped slightly to 56.2 in September from 56.3 in August, continuing the decline from a 41-month high in June, IHS Markit said. The latest reading remained above the flash estimate of 56. The composite index fell to 55.3 in September from 55.9 in August, registering the weakest growth rate since April.

Italy’s seasonally adjusted PMI fell to 55.5 in September from 58 in August, signaling slower growth momentum in the sector, IHS Markit said. The latest figure, which marks the weakest expansion rate since May, is lower than the market estimate of 56.5. Meanwhile, the composite index of Italian production fell to 56.6 in September from 59.1 in the previous month, indicating a slight moderation in growth.

On the business side, Greggs (GRG.L) rose more than 7% after saying he expected 2021 results to be ahead of estimates following strong third-quarter sales performance.

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