London — European markets started firmly on Tuesday, as a hit to the pound from stalled Brexit talks lifted London’s FTSE and economic data pointed to the eurozone finishing the year strongly. A rotation from high-flying tech stocks into banks remained in motion, and some heavy falls in metals markets sideswiped mining stocks, but there was plenty else to underpin risk appetite. The early blitz of European data included the best Spanish industrial production numbers in 14 months, a rebound in Italy’s services sector, a private sector jump in Sweden and signs of a hiring boom in France. Data from China overnight showed growth in its burgeoning services sector reached a three-month high after US President Donald Trump’s long-promised tax cuts took another big step forward in Washington. "The eurozone enjoyed a bumper November, setting the scene for a buoyant end to the year," said Chris Williamson, chief business economist at IHS Markit, which compiles the PMI data. IHS Markit’s final...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.