Reuters: US Dollar Report: GLOBAL MARKETS-French data, Apple sales lift shares after China disappoints

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GLOBAL MARKETS-French data, Apple sales lift shares after China disappoints Jul 24th 2013, 07:25 Tweet Share this Email Print Related Topics Stocks » Currencies » Markets » Wed Jul 24, 2013 3:25am EDT * French PMI data points to economic recovery in July * European shares edge higher, Bund prices dip * Sluggish Chinese manufacturing output knocks commodities * Dollar index inches up from 1-month low, Australian dollar wilts By Richard Hubbard LONDON, July 24 (Reuters) - Signs of a recovery in France and strong sales from tech giant Apple lifted European shares on Wednesday, offsetting the impact of disappointing Chinese factory data, which knocked oil and copper prices lower. Manufacturing activity across France hit a 17-month high in July according to the latest Purchasing Managers Index (PMI) survey, pointing to an emerging recovery in the euro zone's second-biggest economy. The better-than-expected data, likely to be reinforced by further PMI readings across the euro area due out later, lifted European shares by 0.2 percent in early trade and sent German bond prices lower. Technology stocks were given a lift after Apple posted better than expected second-quarter earnings and strong sales growth for its iconic mobile phone. But renewed worries about the outlook for China's vast manufacturing sector trimmed gains in Asian shares and hit oil and copper prices and currencies exposed to Chinese demand like the Australian dollar. Activity in the world's second largest economy slowed to an 11-month low in July as new orders faltered, the flash HSBC/Markit Purchasing Managers' Index for China showed, suggesting the economy is still losing momentum. "The lower reading of the July HSBC Flash China Manufacturing PMI suggests a continuous slowdown in manufacturing sectors thanks to weaker new orders and faster destocking," said Hongbin Qu, chief China economist of HSBC. After the Chinese data the dollar took back some lost ground, rising 0.4 percent to 99.84 yen, moving away from a one-week low of 99.13 yen touched on Tuesday. The dollar index extended gains, adding 0.3 percent to 82.153, after it skidded to a one-month low of 81.926 on Tuesday. Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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