European stocks turn higher as improving economic data offset downbeat bank results

German DAX rallies while U.S. stock futures ease

European stocks turned higher on Monday after early losses, as improving data on the economy helped offset disappointing results from HSBC Holdings and Société Générale.The German DAX DAX, +1.26% rose 1.2% and the French CAC 40 PX1, +0.35% added 0.4% as the U.K. FTSE 100 UKX, +0.07% slipped.

Economic data showed how far the recovery has progressed. The Caixin China manufacturing purchasing managers index rose to 52.8 in July, with the best readings for output and new orders since January 2011. Spain’s manufacturing PMI rose to 53.5, its best showing since April 2018, as the final manufacturing PMI reading for the eurozone came in stronger than the flash report.

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