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Gobal shares rise on upbeat China factory data

Video Credit: Reuters Studio
Published on November 1, 2019 - Duration: 01:30s

Gobal shares rise on upbeat China factory data

Asian shares scaled three-month highs, with European markets also getting a boost on Friday, as a surprise bounce in Chinese manufacturing activity eclipsed doubts raised by a Bloomberg news report over whether the United States and China can reach a long-term trade deal.

Ciara Lee reports

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Gobal shares rise on upbeat China factory data

A suprise bounce in China's manufacturing activty helped boost global shares on Friday (November 1).

The pan-European STOXX 600 index rose 0.3 percent led by the China-exposed German STOXX , which gained 0.4 percent.

Factory activity in China expanded at its fastest pace in more than two years in October as export orders and production rose.

The news lifted hopes for the health of the world's second largest economy.

Asian shares reversed losses to scale three month highs.

The forecast-beating data came at a good time for the region, after conflicting tones over progress in U.S.-China trade talks had unsettled investors.

Negotiations over the nearly 16-month trade war appeared on track as President Trump said on Thursday (October 31) that the two sides would soon sign a "Phase One" trade deal.

But that optimism was dampened by a Bloomberg report citing unnamed Chinese officials airing doubts over whether a comprehensive long-term trade deal is possible.

In Europe, earnings helped boost the STOXX 600.

Danish transport and logistics firm DSV Panalpina rose 6 percent to top the index, after posting strong Q3 results in the face of challnging market conditions.

It wasn't such a good session for Denmark's biggest lender Danske Bank.

Shares slid 6 percent as it grapples to restore trust after being involved in one of the world's biggest money laundering scandals.

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