European markets climb as investors await key economic data

European markets climb as investors await key economic data
# 01 June 2021 15:23 (UTC +04:00)

The pan-European Stoxx 600 climbed 0.4% in early trade, with basic resources adding 1.9% to lead gains as all sectors and major bourses entered positive territory, APA reports citing CNBC.

Shares in Asia-Pacific were mixed overnight as investors reacted to China’s Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) for May. The final activity reading came in at 52, slightly exceeding analyst expectations of 51.9.

U.S. stock index futures were little changed in early premarket trade on Tuesday.

Europe’s major indexes closed lower on Monday after a quiet session due to public holidays in the U.K. and the U.S., with inflation figures out of Germany and Spain guiding sentiment. Optimism over the region’s economic recovery prospects has continued to drive markets higher in recent months, with more indicators to come on Tuesday.

Final IHS Markit manufacturing PMI readings for May are due out of the euro zone and the U.K. on Tuesday morning, along with flash euro zone inflation figures and unemployment rates. Italy also confirms its final first-quarter GDP (gross domestic product) growth rate.

The European Commission on Monday proposed that vaccinated tourists should be exempted from mandatory testing or quarantine measures when travelling between EU nations, urging a progressive easing of travel restrictions to accommodate rising Covid-19 inoculations.

In corporate news, Atlantia investors on Monday backed the $11 billion sale of the Italian infrastructure group’s stake in its motorway division to state bank CDP and allies Blackstone and Macquarie.

Oil prices also surged overnight during Asian trading hours, with international benchmark Brent crude futures up 1.49% at $70.35 per barrel. U.S. crude futures advanced 2.2% to $67.78 per barrel.