European stock markets mid-session: rally on solid PMI data pointing to recovery
European stocks rallied today after a steady start. The DAX started in negative territory but recovered. The solid start in the new quarter was mainly driven by better-than-expected PMI data in the Eurozone pointing to an economic recovery in the E.U. The ECB's quantitative easing seems to start having positive effects. Markets remain cautious about the Greek debt deal. The IMF and the ECB warned that the reform plans submitted are not detailed enough and Athens will have to take further steps to ensure further bailout releases.
Final data on Eurozone's, French and German Manufacturing for March was reported today.
The French Manufacturing PMI rose above estimates of 48.2 with reading to 48.8 compared to a previous reading of 47.6 - still remaining in negative territory as a reading below 50 indicates contraction.
German Manufacturing PMI came in above estimates of 52.4 at 52.8 from 51.1 in February.
Data for the Eurozone Manufacturing PMI came in with a reading above estimates at 52.2, beating estimates of 51.9 and February's 51 - the highest reading in 10 months.
The data shows that the ECB's quantitative easing starts to fuel Europe's economy and that the recovery is gaining pace. Lower energy prices and a weaker euro also have positive effects.
The FTSE 100 index is currently trading +0.95% quoted at 6,837.11. Germany's DAX 30 added +1.04% trading at 12,090.67. France's CAC 40 is currently trading at 5,101.43 points, +1.35%.
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