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Asian stocks rise following signs of economic recovery in the US

Article By: ,  Financial Analyst
July 2, 2013 12:21 PM

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- Asian stocks traded higher overnight after signs of an economic recovery in the US.

- This morning in Europe, Spanish unemployment data was positive and the country’s manufacturing recorded its strongest gains in two years.

- Approaching 9am the DAX traded at 7935 and the CAC traded at 3751.

- The FTSE 100 was trading lower this morning mainly due to weak pharmaceutical and tobacco stocks. Then UK construction figures came slightly lower than expected, with the FTSE at 6300 just before 9am.

- In the companies sector, Burberry saw its rating upgraded by HSBC. Their share price rose by 3.2% morning. Michelin was also trading up by 2.4% after a ratings upgrade by UBS.

- Ocado reported losses even though the company’s sales increased by 15.6%.

- As for economic data, at 3pm US factory orders will be announced. Factory orders are expected to have doubled since April. Expectations are high and optimistic after positive manufacturing data was announced yesterday.

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