Asian stocks fall on weak Chinese data Easyjet leads FTSE after positive earnings report

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Business conditions contracted in China after worse than expected manufacturing data saw Asian stocks fall overnight. European indices were reasonably flat until Germany’s industry is seen expanding after manufacturing came better than forecast at 50.3 — slightly over the pivotal 50 benchmark at 8.30am

More manufacturing from the eurozone at 9am, followed by US data at 2pm. US home sales will be released at 3pm. Weekly crude oil inventories will be announced at 3.30pm and are forecast to be 2.5mn less barrels held, having an likely impact on oil prices

Indices advanced as of 8.30am, with the FTSE up 23 points at 6646, Dow Jones up 37 points at 15607 and DAX up 42 points at 8366

In companies, Easyjet announced revenues grew to £1.142bn. A pre-market report saw revenues climb 7% at £14.47, leading the FTSE leaderboard.

Arm Holding is up 3%. UK revenues climbed to £171.2mn — a whopping 26%.

Reports from GsK are expected later today. Elsewhere, keep an eye on Apple on the US open after the company announced profits were better than expected $6.9bn.

As earnings season continues, listed stocks announcing second quarter earnings include Pepsi, FaceBook and Caterpillar.

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