European Shares Rally On Strong Economic Data
Euro zone manufacturing activity expanded at a record pace in May despite supple bottlenecks, a survey showed.
IHS Markit s final Manufacturing Purchasing Managers Index (PMI) rose to a new record high of 63.1 in May from April s 62.9. This was up from a prelim 62.8.
Inflation in the region hit its highest level since October 2018 as COVID-19 restrictions across Europe were scaled back, Eurostat said.
Consumer prices in the 19 countries sharing the euro reached 2.0 percent, beyond the target of the European Central Bank.
The pan European Stoxx 600 jumped 1.1 percent to 451.41 after declining half a percent on Monday. The German DAX soared 1.4 percent and France s CAC 40 index climbed 0.8 percent.
A deluge of new orders helped to drive a record increase in British manufacturing activity last month as the economy began to recover from the COVID-19 pandemic, a survey showed on Tuesday.
Dollar Turns In Mixed Performance Against Other Major Currencies
WASHINGTON (dpa-AFX) - The U.S. dollar turned in a mixed performance against its peers on Tuesday, as the currencies reacted to a slew of economic data from across the globe.
Data from Markit Economics showed that the IHS Markit U.S. manufacturing index in May was at 62.1 versus an initial 61.5.
Manufacturing activity in the U.S. expanded at a slightly faster pace in the month of May, according to a report released by the Institute for Supply Management.
The ISM said its manufacturing PMI inched up to 61.2 in May from 60.7 in April, with a reading above 50 indicating growth in the manufacturing sector. The uptick surprised economists, who had expected the index to come in unchanged.