European stocks positive

Business | 5 Aug 2020 5:23 pm

European stocks traded higher Wednesday morning as investors digested another round of major corporate earnings reports, but weaker-than-expected euro zone economic data capped gains, CNBC reports.

The pan-European Stoxx 600 was up 0.4 percent by mid-morning, paring earlier gains after July’s final euro zone PMI (purchasing managers’ index) reading came in at a modest 56.5, with the bloc’s dominant services sector showing a weaker rebound than expected.

Travel and leisure stocks climbed by 1.6 percent to lead gains while food and beverage stocks slid by 0.5 percent lower.

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