London Markets: U.K. stocks recover after Chinese data

By Sara Sjolin, MarketWatch

LONDON (MarketWatch) ? U.K. stocks advanced Wednesday with the FTSE 100 index tracking gains across Europe, after encouraging Chinese manufacturing data set the stage for buying in resource shares.

The FTSE 100 /quotes/zigman/3173262 UK:UKX +0.29% ?rose 0.1% to 5,806.10, as the benchmark recouped a small portion of its 1.4% loss on Tuesday.

Politicizing the yuan

The yuan recently hit a 19-year high amid renewed cries for China to allow its currency to appreciate further. The WSJ's Mark Cranfield explains how politics may be influencing moves on China's currency.

Energy shares also were among notable gainers in London, playing off the ?flash? HSBC China manufacturing Purchasing Managers? Index, which rose to a reading of 49.1 for October, hitting a three-month high. A reading below 50 signals contraction. See: China factory data add to ?soft landing? view.

?Today?s HSBC manufacturing PMI, in line with recent hard data for September, suggests that the Chinese economy is bottoming out and is poised to recover moderately in the coming months as long as global demand does not weaken further,? analysts at Danske Bank said in a note. ?We expect HSBC manufacturing PMI to be above 50 by year-end.?

Against this backdrop, Royal Dutch Shell PLC /quotes/zigman/359955 UK:RDSB +1.04% ? /quotes/zigman/379012/quotes/nls/rds.b RDS.B +1.05% ?added 1%, outpacing BP PLC /quotes/zigman/210014 UK:BP +0.47% ? /quotes/zigman/247026/quotes/nls/bp BP +0.97% ?up 0.2%, and BG Group PLC /quotes/zigman/249967 UK:BG +0.80% up 0.5%.

Mining-sector shares were also on the rise, as most metals prices moved higher. Vedanta Resources PLC /quotes/zigman/336962 UK:VED +1.69% ? added 1.4% and BHP Billiton PLC /quotes/zigman/184879 UK:BLT +0.98% ? /quotes/zigman/270355/quotes/nls/bhp BHP +1.23% ? /quotes/zigman/180893 AU:BHP -1.38% ?rose 0.7%.

Curbing equity gains in the U.K. and across Europe, October purchasing-managers-index readings for the euro zone proved weaker than expected, as did and the closely watched German Ifo business-climate index. The PMI reading for the euro zone dropped to a 40-month low of 45.8 from 46.1 in September. See related: Euro extends slide on weak PMI, German Ifo data

In the U.S., the preliminary PMI reading for October showed an improvement to 51.3 from a three-year low of 51.1 in September. See: October U.S. Markit manufacturing index inches up

Banks traded mixed, with Barclays PLC /quotes/zigman/152323/quotes/nls/bcs BCS -1.28% ?shedding 1.1% and Royal Bank of Scotland Group PLC /quotes/zigman/10330253 UK:RBS +0.72% ? /quotes/zigman/530544/quotes/nls/rbs RBS +1.09% ?gaining 0.7%, while sector heavyweight HSBC Holdings PLC /quotes/zigman/13843 UK:HSBA -0.28% ? /quotes/zigman/207333/quotes/nls/hbc HBC +0.84% ? /quotes/zigman/13834 HK:5 -0.85% ?rose 0.6%.

Among other notable movers in London, shares of Reckitt Benckiser Group PLC /quotes/zigman/482114 UK:RB +3.41% ?rose 3.4%. The consumer-goods company said it?s on track to meet 2012 financial targets, underpinned by strength in emerging markets and improved performance in Europe.

ARM Holdings PLC /quotes/zigman/254777 UK:ARM +6.02% ?jumped 6.2% to ?6.79 a share as Barclays reiterated its overweight rating and raised the price target to ?7.50 from ?7.25.

Also Wednesday, WPP PLC /quotes/zigman/526756 UK:WPP -1.22% ?fell 1.1% after UBS cut its rating on the advertising firm to neutral from buy.

/quotes/zigman/3173262

UK : FTSE Indices

Volume: 0.00

Oct. 24, 2012 4:02p

/quotes/zigman/359955

UK : U.K.: London

Volume: 2.38M

Oct. 24, 2012 4:02p

Market Cap

?136.12 billion

/quotes/zigman/379012/quotes/nls/rds.b

US : U.S.: NYSE

Volume: 388,034

Oct. 24, 2012 11:16a

Market Cap

$216.98 billion

/quotes/zigman/210014

UK : U.K.: London

Volume: 19.79M

Oct. 24, 2012 4:02p

Market Cap

?82.56 billion

/quotes/zigman/247026/quotes/nls/bp

US : U.S.: NYSE

Volume: 2.88M

Oct. 24, 2012 11:17a

Market Cap

$131.59 billion

/quotes/zigman/249967

UK : U.K.: London

Volume: 4.42M

Oct. 24, 2012 4:02p

Market Cap

?44.61 billion

/quotes/zigman/336962

UK : U.K.: London

Volume: 490,626

Oct. 24, 2012 4:00p

Rev. per Employee

?272,834

/quotes/zigman/184879

UK : U.K.: London

Volume: 5.63M

Oct. 24, 2012 4:02p

Market Cap

?41.85 billion

Rev. per Employee

?983,627

/quotes/zigman/270355/quotes/nls/bhp

US : U.S.: NYSE

Volume: 804,406

Oct. 24, 2012 11:17a

Market Cap

$115.09 billion

/quotes/zigman/180893

AU : Australia: Sydney

Volume: 10.51M

Oct. 24, 2012 5:40p

Market Cap

$112.18 billion

/quotes/zigman/152323/quotes/nls/bcs

US : U.S.: NYSE

Volume: 1.05M

Oct. 24, 2012 11:16a

Rev. per Employee

$487,429

/quotes/zigman/10330253

UK : U.K.: London

Volume: 8.92M

Oct. 24, 2012 4:01p

Market Cap

?31.02 billion

Rev. per Employee

?254,327

/quotes/zigman/530544/quotes/nls/rbs

US : U.S.: NYSE

Volume: 201,892

Oct. 24, 2012 11:16a

Rev. per Employee

$423,098

/quotes/zigman/13843

UK : U.K.: London

Volume: 13.49M

Oct. 24, 2012 4:02p

Market Cap

?113.11 billion

Rev. per Employee

?231,061

/quotes/zigman/207333/quotes/nls/hbc

US : U.S.: NYSE

Volume: 379,811

Oct. 24, 2012 11:16a

Market Cap

$180.29 billion

Rev. per Employee

$369,480

/quotes/zigman/13834

HK : Hong Kong

Volume: 13.37M

Oct. 24, 2012 4:01p

Market Cap

HK$1397.29 billion

Rev. per Employee

HK$2.84M

/quotes/zigman/482114

UK : U.K.: London

3,757.00 p

+124.00 +3.41%

Volume: 3.82M

Oct. 24, 2012 4:02p

Market Cap

?26.15 billion

Rev. per Employee

?252,884

/quotes/zigman/254777

UK : U.K.: London

Volume: 12.07M

Oct. 24, 2012 4:02p

Rev. per Employee

?248,566

/quotes/zigman/526756

UK : U.K.: London

Volume: 3.77M

Oct. 24, 2012 4:01p

Market Cap

?10.37 billion

Rev. per Employee

?90,485

Sara Sjolin is a MarketWatch reporter, based in London.

Source: http://www.marketwatch.com/news/story.asp?guid=%7B60D18E24-1DB0-11E2-B624-002128040CF6%7D&siteid=rss

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