European stocks were mostly higher even as production continued to decline. | So Good News
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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