European stocks were mostly higher even as production continued to decline. | So Good News
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Major European stock markets closed with gains on Wednesday, except for Italy’s FTSE MIB, despite continued contraction in euro zone manufacturing.
The STOXX Europe 600, which comprises around 90% of the market capitalization of European markets in 17 countries, was up 2.6 points, or 0.6%, at 438.82.
The UK’s FTSE 100 rose 12 points, or 0.17%, to close at 7,465, and Germany’s DAX 30 rose 5.24 points, or 0.04%, to finish at 14,427.
France’s CAC 40 added 21 points, or 0.32%, to end the session at 6,679, while Spain’s IBEX 35 added 6.2 points, or 0.07%, to 8,331.
Italy’s FTSE MIB, on the other hand, fell 9 points or 0.04% to close at 24,581.
The gains came despite euro zone manufacturing contracting for a fifth consecutive month.
S&P Global reported earlier that the Eurozone manufacturing managers’ index (PMI) rose to 47.3 in November from 46.4 in October. But it’s still below 50, indicating a contraction in the manufacturing sector.
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