Source: Sharecast
By 1249 CEST, the Stoxx 600 was up just 0.1% at 550.63, having trimmed earlier gains, after having closed out last week at 550.14 – its lowest finish since 12 August – on the back of data showing rising inflationary pressures across Europe and the US.
Markets in Frankfurt and Milan were up 0.3%, London stocks gained 0.1%, benchmarks in Zurich and Paris were flat, while Madrid equities fell 0.3%. Wall Street trading and US bond markets will be closed for Labor Day.
In economic data, the final estimate of the eurozone manufacturing PMI increased to 50.7 last month, up from 49.8 in July and slightly ahead of the preliminary estimate of 50.5. The result marked the first monthly improvement in operating conditions for manufacturers in the single currency union since June 2022, driven by the first monthly increase in new orders in three and a half years.
The jobless rate across the eurozone also fell back to a record low in July after being revised higher the previous month, according to data from Eurostat. The seasonally adjusted unemployment rate for the single-currency region was 6.2% last month, as expected and down from 6.3% in June, which was changed from earlier estimates of 6.2%.
Over in the UK, the S&P Global manufacturing PMI fell to 47.0 from July's six-month high of 48.0, coming in below 50 for the 11th straight month as new order intakes slumped. Meanwhile, UK mortgage approvals edged just 800 higher to 65,400 in July, according to the Bank of England.
Elsewhere, the RatingDog China manufacturing PMI – formerly known as the Caixin PMI – improved to a five-month high of 50.5 in August, up from 49.5 in July and ahead of market forecasts.
In equity movements, FTSE 100-listed defence firms BAE Systems, Babcock and Rolls-Royce were on the rise after the UK secured a £10bn deal to supply Norway with at least five new warships.
Also in London, precious metals miners Fresnilo, Endeavour and Hochschild shone as silver and gold prices advanced.