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On the data front, final PMI (purchasing managers index) readings on Wednesday showed euro zone business activity surging in July to its fastest expansion in 15 years. The final composite PMI, seen as a useful gauge of economic health, rose to 60.2 from June s 59.5. The 50 mark separates growth from contraction.
It was a different story in the U.K., where the composite PMI dropped sharply to 59.2 from June s 62.2 after services were hit by hundreds of thousands of workers being forced into self-isolation by the government s contact tracing app, as cases of the delta Covid-19 variant surged.
Earnings in focus
Earnings continued to guide sentiment in Europe, with Commerzbank, Siemens Energy, Hugo Boss and Intesa Sanpaolo among the big names reporting Wednesday.
By Reuters Staff
1 Min Read
MILAN (Reuters) - Europe’s biggest manager of bad loans Intrum said it had teamed up with Spain’s Deva Capital to buy two portfolios of non-performing credit from Italy’s Intesa Sanpaolo worth a total of 1.71 billion euros ($2.03 billion) .
Intrum will independently also buy another 225 million-euro portfolio from Intesa and BPER Banca.
Sweden’s Intrum said in a statement on Tuesday its Italian unit will act as the sole servicer of the three portfolios, made up of secured loans for 19.6%, of unsecured credit for 23.8% and of leased loans for 56.8%.
($1 = 0.8412 euros)
By Elliot Smith, CNBC •
Updated 1 hour ago
AFP | AFP | Getty Images
Earnings continued to guide sentiment in Europe, with Commerzbank, Siemens Energy, Hugo Boss and Intesa Sanpaolo among the big names reporting Wednesday.
Final PMI (purchasing managers index) readings on Wednesday showed euro zone business activity surging in July to its fastest expansion in 15 years.
LONDON European markets closed higher on Wednesday, as investors monitored corporate earnings from big names around the globe, along with economic data and the Covid-19 situation.
The pan-European Stoxx 600 closed up 0.6% by mid-afternoon, having earlier notched a fresh record high. Tech stocks climbed 2% to lead gains while oil and gas stocks fell 0.5%.
On the data front, final PMI (purchasing managers index) readings on Wednesday showed euro zone business activity surging in July to its fastest expansion in 15 years. The final composite PMI, seen as a useful gauge of economic health, rose to 60.2 from June s 59.5. The 50 mark separates growth from contraction.
It was a different story in the U.K., where the composite PMI dropped sharply to 59.2 from June s 62.2 after services were hit by hundreds of thousands of workers being forced into self-isolation by the government s contact tracing app, as cases of the delta Covid-19 variant surged.
Earnings in focus
Earnings continued to guide sentiment in Europe, with Commerzbank, Siemens Energy, Hugo Boss and Intesa Sanpaolo among the big names reporting Wednesday.