LONDON: European shares rose on Monday, led higher by Germany after an upbeat report on factory activity, while the dollar steadied following signs the US economy may be emerging from a recent soft patch. Euro zone powerhouse Germany's manufacturing sector lost some momentum in April but expanded for a fifth consecutive month. In France, the sector's final PMI showed activity contracting and falling for a 12th successive month.
Stocks were modestly weak overnight amid poor Japanese, Chinese, and European data, but as soon as the US cash markets opened, stocks surged higher algorithmically testing up to unchanged briefly for the S&P 500 and squeezing small-cap shorts (as usual).. until Europe closed. Stock started to lose steam but once Nasdaq and Russell broke red, programs slammed stocks lower and despite a late-day bounce, stocks gave up all the gains from Friday's "awesome jobs data" and then some with Trannies and Small Caps worst.
London (AFP) - European stock markets closed lower Wednesday, mirroring losses across Asia after China further devalued its currency and reported more poor economic data.Shares in mining companies, carmakers and luxury goods groups, which rely heavily on Chinese demand, fell sharply for a second day.