(Bloomberg) -- European stocks ended the day little changed, with indexes paring losses in the afternoon, after regional manufacturing data came in slightly above expectations.
The Stoxx Europe 600 Index fell less than 0.1%. Trading was thin during the session, with volumes more than 30% below the 30-day average, as US cash markets were shut for a public holiday. Retail and industrials were the worst performers.
Rightmove Plc surged 27%, the most ever, and led an advance across real estate shares after Bloomberg News reported that Australia’s REA Group Ltd. is considering a takeover offer. Morgan Stanley also said the property sector is now attractive and predicted share prices will rise.
The European stock benchmark has rallied for the past four straight weeks, the longest streak since March, with investors growing increasingly confident that the European Central Bank will lower interest rates and that the global economy is continuing to grow.
READ: JPMorgan’s Matejka Says Stocks May Stall Even With Rate Cut (1)
Data on manufacturing purchasing manager indexes (PMI) for August was reported, with the euro-area final reading at 45.8, slightly above the preliminary 45.6 reading. The biggest piece of data due this week is Friday’s US payrolls reading, which could help determine whether the Federal Reserve delivers a 50 basis point interest rate cut this month.
Among other individual stock movers, industrial firm Ashtead Technology Holdings Plc slid as much as 14% after a hit to margins. Kainos Group Plc shares slide as much as 16% after the IT company predicted only a small increase in revenue for the year ending March 2025.
For more on equity markets:
- Europe’s Quest to Outshine US Equities Is Fading: Taking Stock
- M&A Watch Europe: Rightmove, Givaudan, Lufthansa, Enav
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