Elliot Smith, Holly Ellyatt
LONDON — European stocks advanced on Monday as promising manufacturing data out of the euro zone and China boosted sentiment.
The pan-European Stoxx 600 gained 1.3% by mid-afternoon. Construction and materials stocks jumped 2.5% to lead gains as all sectors and major bourses entered positive territory.
In overnight trading in Asia-Pacific, stocks mostly rose as a private survey showed China’s manufacturing activity grew for the sixth straight month in October. The Caixin/Markit Purchasing Managers’ Index (PMI) for Chinese manufacturing came in at 53.6 for October, higher than the 53.0 reading forecast by analysts in a Reuters poll.
October’s final manufacturing PMI data for the euro zone came in at 54.8, up from 53.7 in September and outstripping expectations. The upside surprise was driven in part by resurgent factory activity in Germany.
Market focus is also attuned to U.S. election uncertainty and the latest coronavirus developments. U.S. stock futures jumped Monday morning despite rising concerns over the coronavirus pandemic’s effect on the global economy.
The British government announced on Saturday a national lockdown for England, making it the latest country to return to a nationwide shutdown, which begins on Thursday, to try to stem the rapid rise in cases and hospitalizations due to the virus.
There are widespread concerns over the outcome of the U.S. presidential election Tuesday as a contested dispute over the result could delay much-needed fiscal stimulus for the U.S. economy.
A final NBC News/Wall Street Journal poll has found that former Vice President and Democrat nominee Joe Biden held a substantial national lead over President Donald Trump in the closing days before the vote.
A majority of voters say they’re unhappy with how the president has dealt with the coronavirus pandemic and where the country is going.
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