By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- European stock markets moved higher on
Thursday as investors welcomed upbeat manufacturing data from
China.
The Stoxx Europe 600 index climbed 0.3% to 319.91, after losing
0.6% the prior day.
Shares of Celesio AG rallied 5.5% after McKesson Corp. (MCK)
made a 6.1-billion-euro ($8.3 billion) offer for the German
health-care firm. McKesson shares traded 5.9% higher in New
York.
Daimler AG added 4.2% after the car maker said third-quarter net
profit jumped, helped by lower taxes, efficiency gains and rising
sales.
On a more downbeat note, shares of Credit Suisse Group AG (CS)
gave up 2.5% after the investment bank's profit in the third
quarter fell short of expectations.
More broadly, investors looked to China, where HSBC's "flash"
reading of October's manufacturing purchasing managers' index (PMI)
rose to a seven-month high of 50.9, up from September's final
reading of 50.2. It remained just below the government's own PMI,
which hit 51.1 last month. A reading above 50 signals
expansion.
Mining firms, which are sensitive to growth indications from
China, were among notable movers in Thursday's action. Shares of
Anglo American PLC picked up 0.9%, and BHP Billiton PLC (BHP) rose
1.5%.
Back in Europe, euro-zone PMIs released on Thursday signaled
expansion for the fourth month running. The composite PMI for the
euro zone fell from September's 27-month high of 52.2 and came in
at 51.5, but remained above the 50 no-change level for a fourth
successive month.
Germany's DAX 30 index added 0.6% to 8,969.59, and France's CAC
40 index rose 0.2% to 4,268.41. The U.K.'s FTSE 100 index gained
0.6% to 6,715.22.
Outside the major indexes, ABB Ltd. rallied 5.1% after posting
better-than-expected third-quarter earnings, as the power and
automation giant benefited from stronger demand in the U.S. and an
improvement in Europe.
On a more downbeat note, shares of Husqvarna AB sank 13% after
the producer of outdoor power products reported a 13% drop in
third-quarter net income.
Shares of LM Ericsson Telefon AB slumped 6.4% after the maker of
wireless-network equipment reported an unexpected drop in quarterly
revenue following unfavorable currency headwinds and weak sales in
Japan.
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