European stocks were broadly higher on Friday, as investors cheered signs of more stimulus from Beijing and data showing that the downturn in euro zone manufacturing eased last month.<\/p>\n
The Eurozone manufacturing PMI increased to a three-month high of 43.50 points in August from 42.70 points in July of 2023. <\/p>\n
Elsewhere, U.K. house prices declined at the fastest pace in more than 14 years in August as rising borrowing costs continue to dampen housing market activity, data published by the Nationwide Building Society showed.<\/p>\n
House prices posted an annual decline of 5.3 percent after easing 3.8 percent in July. This was the biggest fall since July 2009 and also larger than economists’ forecast of 3.9 percent fall.<\/p>\n
A cautious undertone prevailed ahead of the all-important U.S. jobs report due out later in the day that could influence the Federal Reserve’s rate trajectory. <\/p>\n
The pan-European STOXX 600 was up 0.3 percent at 459.40 and was poised for a weekly gain of nearly 2 percent. <\/p>\n
The German DAX was marginally lower and France’s CAC 40 traded flat with a positive bias while the U.K.’s FTSE 100 rose half a percent, led by commodity stocks after a private survey showed China’s factory activity unexpectedly expanded in August. <\/p>\n
Firmer commodity prices lifted mining and energy stocks, with Anglo American and Glencore rising around 1 percent. BP Plc rallied 2.5 percent and Shell added 1.5 percent. <\/p>\n
Germany’s copper producer Aurubis slumped 15 percent after a profit warning.
Salzgitter AG plunged 5 percent after the steel manufacturer suspended its earnings guidance for fiscal 2023 for the time being. <\/p>\n
Johnson Matthey soared 11 percent after the investment arm of New York-based industrial firm Standard Industries doubled its stake in the British autocatalyst maker to 10 percent. <\/p>\n
GSK was marginally higher after an announcement that the Japanese Ministry of Health, Labour and Welfare has accepted for review a supplementary new drug application for Nucala.<\/p>\n
Electrolux fell 2.2 percent after the Swedish home appliance major called back certain Frigidaire gas cooktops citing risk of gas leak, fire hazard.<\/p>\n
British agricultural and engineering company Camellia dropped 1.4 percent after reporting its first-half results. <\/p>\n