European stocks rose on stronger manufacturing while the ruble weakened for the first time in three days on the threat of more sanctions. Hong Kong stocks, the yuan and industrial metals gained on China factory orders.
The Stoxx Europe 600 Index climbed 0.4 percent by 10:06 a.m. in London. Futures on the Standard & Poor’s 500 Index advanced 0.2 percent. The ruble weakened 0.4 percent. The Hang Seng Index rose 0.7 percent to the highest close since April 2011, while the yuan increased 0.1 percent and copper rallied 1.3 percent. Gold declined 0.6 percent. New Zealand’s dollar tumbled the most in 10 months as the nation’s central bank said the currency’s strength is unjustified. German bonds declined.
Reports showed euro-area manufacturing and services grew this month while Chinese factory activity rose to an 18-month high in July. U.S. new home sales probably fell in June after rising the most in 22 years in May, economists said before data from the Commerce Department today. General Motors Corp., Amazon.com Inc. and Starbucks Corp. are due to report earnings.
“The better data out of China and Europe has added more to the pro-risk mood,” said Alvin T. Tan, the director of foreign exchange strategies at Societe Generale SA in London. “The U.S. earnings season by and large has come out better than expected so that’s why the stock market keeps pushing to new highs.”
The Stoxx 600 advanced after adding 1.5 percent in the past two days, ending at a one-week high. The gauge closed 2 percent away from its six-year high on June 10.
No comments:
Post a Comment