Chinese manufacturing data boost European markets

Fiona Cincotta
By :  ,  Senior Market Analyst
The FTSE and most European markets are trading higher, boosted by unexpectedly strong Chinese October manufacturing numbers. China’s privately held Caixin manufacturing PMI index increased unexpectedly to 51.7, assuaging fears that the country’s manufacturing is shrinking. A read above the 50 level indicates that activity is expanding rather than contracting. However, it might be too early to celebrate given that China’s official PMI, which follows large industrials - in contrast to Caixin which tracks SMEs - showed a contraction to 49.3.  

No more bets

In the UK all bets are off. Literally. The lead riser on the FTSE today is betting specialist Flutter Entertainment, previously known as Paddy Power, trading up 3%. Flutter had to stop taking bets on who would win the UK election in December after odds for the opposition leader crashed from 1/5 to 1/25.

And oil keeps flowing …
News that Saudi Arabia managed to raise its crude oil production only a day after the US Energy Information Administration reported a large build up in domestic weekly stocks has pushed oil prices back below $60 in one of the sharpest weekly declines. Doubts over whether the US and China will be able to hold talks in November as was initially planned are also putting pressure on oil, casting doubt over future Chinese demand growth.

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