Greek Leaders Divided on New Austerity Demands, UK Home Prices Rise

Arthi Gupta
01 Nov, 2012
New York City

The European indexes gained after a rebound in Chinese manufacturing activity. The UK home prices increased more-than-estimated and Greek manufacturing activity declined in October. Swiss retail sales eased in September.

[R]1:30 PM Frankfurt – The European indexes gained after a rebound in Chinese manufacturing activity. The UK home prices increased more-than-estimated and Greek manufacturing activity declined in October. Swiss retail sales eased in September.[/R]

European indexes gained after China''s manufacturing sector expanded in October, however, manufacturing in the euro area regions of Greece and Sweden contracted.

The purchasing managers'' index rose to 50.2 in October from 49.8 in September, a survey conducted by the China Federation of Logistics and Purchasing showed.

The euro zone finance ministers urged Greece to finalize the agreement with international lenders before the release of next tranche of loan however the coalition government is not able to muster enough support for the approval in the Parliament.

In Paris trading, the CAC-40 Index dipped 2.62 or 0.1% to 3,426.45 and in Frankfurt the DAX Index edged lower 0.83 or 0.03% to 7,259.81.

The yields on Spain’s benchmark 10-year were at 5.616%. Italian 10-year yield were at 4.936%.

UK Home Prices Climb

The UK home prices increased 0.6% from a month ago in October, from the 0.4% fall in September, data from the Nationwide Building Society showed today. The average home price in the UK is £164,153.

Swiss Retail Sales Growth Ease

Swiss retail sales growth eased to 5.4% annually in September, from the 6% growth in August, data from the Federal Statistics Office showed.

Retail sales of food, drinks and tobacco increased 2.1% from a year ago and non-food sales rose 6.8% in September.

From a month ago, total retail sales grew 0.4% in September, at the same pace as in August.

Greek Manufacturing Activity Drops

Greek manufacturing activity declined in October, data from a survey by Markit Economics showed today.

The seasonally adjusted purchasing managers'' index for the manufacturing sector dropped to 41 October from 42.2 in September, the lowest in four months.

Swedish Manufacturing Sector Contracts

Swedish manufacturing sector activity shrank in October, data released by the Swedbank showed.

The seasonally adjusted purchasing managers'' index for the manufacturing sector dropped to 43.1 in October from 44.7 in September.