Europe midday: Shares hold gains as investors assess PMI surveys
By Frank Prenesti
Date: Friday 21 Feb 2025
(Sharecast News) - European shares held gains on Friday as investors assessed business activity survey data.
The pan-regional Stoxx 600 index was up 0.52% at 553.9 with most major bourses higher.
US markets fell as minutes from the Federal Reserve policy makers' latest meeting revealed that central bank officials agreed they would need to see inflation come down more before cutting interest rates further and expressed fears the impact of US President Donald Trump's tariffs.
However, Asian stocks gained with Hong Kong's Hang Seng surging to a three-year high thanks to a surge in tech stocks led by online retailer Alibaba on the back of strong results.
Investors were also eyeing the upcoming German general election, triggered by the collapse of Chancellor Olaf Scholz's three-way coalition.
In economic news, business activity in the eurozone grew slightly in February on the back of weakening demand and the woes of the long-suffering manufacturing sector continued according to a flash survey result published on Friday.
The HCOB flash eurozone composite PMI output index came in at 50.2, unchanged from January, just above the 50-point mark that indicates contraction.
Overall demand in the single currency zone declined for a ninth straight month and at a faster pace with the composite new business index falling to 48.6 from 49.3 in January.
In the UK, the government ran a record budget surplus of £15.4bn in January but missed estimates of £20bn in a blow for beleaguered Finance Minister Rachel Reeves who faces a tough choice of increasing taxes or cutting spending on Britain's crumbling public services.
In equity news shares in Asia-focused bank Standard Chartered jumped as it unveiled a $1.5bn share buyback after posting a jump in annual earnings.
Engineering company GTT surged after reporting a rise in net income, while Air Liquide gained after the industrial gases supplier raised medium-term operating margin guidance.
Kingspan soared almost 15% after the company reported upbeat 2024 results.
French power giant EDF posted a fall in full-year profit, driven by lower prices.
Reporting by Frank Prenesti for Sharecast.com
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