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European stocks swing higher post-PMIs, Bayer drops over 2%

11:00 23 May /2016 Forex

The stocks on the European bourses picked-up significant strength over the last hours and jumped back on the bids, after a negative start to the week. The European indices turned higher, despite sell-off in Bayer’s shares, mixed PMI readings and prospects of a Fed rate hike next month.

Markets completely ignored mixed PMI reports from Germany and Euro zone as a bloc, which showed 52.4 points was recorded for the German May's factory PMI after 51.8 before, compared to expectations of 52 points. While the Eurozone manufacturing PMI fell to 51.5 in May from 51.7 before, which was lower than 51.9 expected.

However, the upside remained capped as the sentiment remained weighed down by the corporate news, particularly Bayer’s bids for Monsanto. Germany’s chemicals group Bayer who offered to acquire Monsanto for $122 per share in cash, valuing the US firm at $62 billion. Shares of Bayer fell over 2%.

Meanwhile, Germany's DAX 30 index rises 0.43% to trade at 9,959, while the UK's FTSE 100 index advances +0.16% to 6,166. Among the other indices, the French CAC 40 index trades almost unchanged at 4,354, while the pan-European Euro Stoxx 50 index advances +0.12% to 2,962.

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