UK stocks were performing well on Thursday as some improving data from China fuelled some decent gains in the banking and mining sectors.
Market Analyst Craig Erlam from Alpari said: "Anything that's good for Chinese growth is viewed as positive for the global economy, which is why we're seeing European indices on the rise again this morning, following the brief pull-back yesterday."
The FTSE 100 slipped on Wednesday, recording its first day in the red in 10 trading sessions, as traders took profits after the index hit a five-month high the day before. The index rebounded today, trading at around 6,700 by midday.
The Chinese HSBC manufacturing purchasing managers' index (PMI) improved from 50.2 to a seven-month high of 50.9 in October, ahead of the consensus forecast for 50.4. HSBC economist Qu Hongbin that this momentum is likely to continue in the coming months, "creating favourable conditions for speeding up structural reforms".
Source: LiveCharts
Market Analyst Craig Erlam from Alpari said: "Anything that's good for Chinese growth is viewed as positive for the global economy, which is why we're seeing European indices on the rise again this morning, following the brief pull-back yesterday."
The FTSE 100 slipped on Wednesday, recording its first day in the red in 10 trading sessions, as traders took profits after the index hit a five-month high the day before. The index rebounded today, trading at around 6,700 by midday.
The Chinese HSBC manufacturing purchasing managers' index (PMI) improved from 50.2 to a seven-month high of 50.9 in October, ahead of the consensus forecast for 50.4. HSBC economist Qu Hongbin that this momentum is likely to continue in the coming months, "creating favourable conditions for speeding up structural reforms".
Source: LiveCharts
