European Shares Gain As Recession Worries Ease

European stocks traded higher on Friday after a survey showed the recovery in euro zone business activity gathered pace in February.

S&P Global’s Composite Purchasing Managers’ Index (PMI) reached an eight-month high of 52.0 last month from 50.3 in January, helping ease worries of a euro zone recession for now.

The services PMI jumped to 52.7 from 50.8, just below the 53.0 flash reading.
Separate data showed German exports rose by more than expected in January on robust U.S. and U.K. demand.

Strong services data from elsewhere across Asia and remarks from a Fed official signaling a measured approach to raising rates also boosted sentiment.

The pan European STOXX 600 climbed 0.7 percent to 463.02 after rising half a percent in the previous session.

The German DAX jumped 0.9 percent, France’s CAC 40 index rose 0.6 percent and the U.K.’ FTSE 100 was up 0.3 percent.

Q.beyond shares rose over 2 percent. The German cloud and ICT provider announced preliminary results for 2022, reporting 11 percent increase in revenues to 173.0 million euros.

Airline Lufthansa soared 5 percent after it swung to a full-year operating profit and flagged further gains in 2023.

British Airways owner International Consolidated Airlines Group added 1.4 percent and Wizz Air Holdings jumped 3 percent.

Miners Anglo American, Antofagasta and Glencore climbed 1-2 percent on optimism about China’s economic recovery.

Property portal Rightmove fell over 2 percent despite posting a rise in full year operating profit and raising its final dividend payment.

Education group Pearson dropped around 2 percent after saying it would grow sales by low to mid-single digits this year.

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