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Adidas, upbeat manufacturing PMIs lift European stocks | Malay Mail

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SEPT 23 — A jump in Adidas following an upbeat forecast from US rival Nike and better-than-expected euro zone manufacturing data on Wednesday helped European stocks extend a recovery from a steep sell-off earlier this week. The pan-European STOXX 600 rose 1.3 per cent, with Germany’s DAX,...

An Adidas store is seen closed following an outbreak of the coronavirus disease , in Frankfurt, Germany March 27, 2020. — Reuters pic

Investors took heart from data that showed German manufacturing sector activity improved in September, with IHS Markit’s flash PMI rising to 56.6, its highest level in more than two years. The survey showed manufacturers across the euro zone fared much better. However, the survey showed broader business growth ground to a halt this month as the bloc’s service industry slammed into reverse, knocked by a resurgence in coronavirus cases that pushed governments to reintroduce restrictions.

Adidas jumped 6.3 per cent and Puma rose 4.9 per cent after US sportswear maker Nike reported strong earnings and forecast better-than-expected sales for 2020.

 

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