European Stocks Rise Despite Disappointing PMIs as Investors Anticipate Nvidia Results
European stock markets closed higher, with the pan-European Stoxx 600 index up 0.4%. Utilities stocks led the gains, while autos stocks fell after grim PMI figures for Germany. The euro was lower against the U.S. dollar as PMIs for the euro zone came in below expectations. Investors are awaiting Nvidia's earnings results. European tech stocks have rallied this week, and there is speculation around Federal Reserve Chair Jerome Powell's upcoming speech. European government bond yields fell after weak economic data, causing traders to reassess interest rate trajectories. Euro zone PMIs showed a contraction in business activity, with Germany leading the decline. German business activity fell at its steepest rate since May 2020.