European stocks trade higher despite new lockdown measures

23.10.2020 - Petr Mazaylo
European stocks trade higher despite new lockdown measures

European stock markets traded higher on Friday despite revitalized lockdown measures in Europe.

Germany’s DAX gained 0.9% at 3:50 AM ET (0750 GMT), while France’s CAC 40 rose 1.1%. The U.K.’s FTSE index traded 1.1% higher.

Germany’s private sector activity posted a four-month growth to October, according to Markit’s flash composite Purchasing Managers’ Index. Meanwhile, the dominant manufacturing sector also stood strong, with the flash PMI gaining to 58.0, its highest since April 2018. However, the services sector showed signs of weakness.

In the U.K., retail sales rose by 1.5% from August, beating expectations and gaining over 17% in the third quarter after a string of losses in the previous period.

COVID-19 cases in Europe has doubled in 10 days, with an infection rate reaching a a daily record of 200,000 according to Reuters tally.

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