Factory activity in China expanded at the fastest rate in nearly a decade in August, a private PMI survey showed yesterday, boosting market sentiment overnight and at the European open. — Reuters pic
Factory activity in China expanded at the fastest rate in nearly a decade in August, a private PMI survey showed yesterday, boosting market sentiment overnight and at the European open. In addition to the economic data, US stocks got a boost from technology shares as Apple rose 3.98 per cent after a report the company had requested suppliers to make at least 75 million 5G iPhones for later this year.
But not all data was upbeat and European stocks reversed course to close lower for a fourth straight session after Germany cut its GDP forecast for 2021 and a reading on inflation for the bloc turned negative for the first time in more than four years.