LONDON: European stocks rose Tuesday, as data indicated recovery in the euro zone is picking up steam and as the euro’s attempt to drive higher against the dollar proved short-lived.
A recent drop in the euro toward parity against the dollar has helped fuel gains for shares of European exporters.
The Stoxx Europe 600 SXXP, +0.31% swung up 0.3% to 402.49, with regional indexes climbing as the euro EURUSD, +0.11% briefly fell below $1.09 against the greenback. Read more in Currencies.
Earlier, the Stoxx 600 slipped as the euro EURUSD, +0.11% pushed above $1.10. That move came after data showed private-sector activity in Germany, Europe’s largest economy, hit a four-year high in March. The euro late Monday traded around $1.0947.
European Central Bank President Mario Draghi in Brussels on Monday said weakness in the euro and lower OIL PRICES
have aided growth prospects for the eurozone economy.Overall, data firm Markit said its eurozone composite purchasing managers index, a gauge of both the manufacturing and services sectors, rose to 54.1 in March, a 46-month high. A reading above 50.0 indicates expansion.
