European stocks rally on Wednesday after data on business activity in the euro area

European stocks rally on Wednesday after data on business activity in the euro area

European stocks rally on Wednesday after data on business activity in the euro area

(Reuters) – European stocks rallied on Wednesday amid data on business activity in the euro area, recovering from a sharp sell-off early in the week.

The pan-European STOXX 600 Index rose 1.19% at 11:20 Moscow time, while the London FTSE 100 gained 1.82% on the back of the weaker pound. (L)

Germany's DAX rose 1.47%, with Puma and Adidas (DE: ADSGN) gaining 5.02% and 6.25%, respectively, after US sportswear manufacturer Nike (NYSE: NKE) reported strong earnings and gave a better than expected sales forecast for 2020.

Osram jumped 14.93% after Austrian sensor maker AMS announced it had signed a so-called dominance and profit and loss transfer agreement as a key step towards closing the acquisition of the German company for 4.6 billion euros ($ 5, 4 billion).

Manufacturing activity index stood at 53.7 points in September after 51.7 points in August against the expected rise to 51.9 points, according to preliminary data from research firm Markit.

(Shruti Shankar in Bangalore, translated by Elizaveta Zhuravleva. Editor Anna Kozlova)

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