PARIS (dpa-AFX) - The French market is trading higher on Monday, after China's non-manufacturing sector expanded at a faster pace in October, and investors remained hopeful ahead of the European Central Bank's monetary policy meeting scheduled for Thursday.
China's non-manufacturing sector expanded at a faster pace in October, a combined survey by the China Federation of Logistics and Purchasing and the National Bureau of Statistics revealed Sunday. The official purchasing managers' index for the service sector moved up to 56.3 in October from 55.4 in September.
The Eurozone manufacturing sector carried its modest third quarter recovery into the final quarter of the year as initially estimated, final data from Markit Economics showed Monday. The manufacturing PMI rose to 51.3 from 51.1 in September, in line with flash estimate.
Meanwhile, activity in the French manufacturing sector decreased for the twentieth consecutive month in October, and the rate of fall was faster than previously estimated, final data from a survey conducted by Markit Economics and CDAF showed.
The seasonally adjusted PMI for the manufacturing sector dropped to 49.1 in October from 49.8 in September. The flash estimates were for a score of 49.4.
The Federal Reserve Bank of Dallas President Richard Fisher said the central bank's accommodative monetary policy has been countered by Federal government's inability to resolve the budget stalemate, delaying the U.S. economic recovery.
'The economy of the United States is hog-tied by a government that is sadly ineffective and, in fact, counterproductive. The inability of our government to get its act together has countered the pro-cyclical role of the Federal Reserve,' Fisher told before the Australian Business Economists in Sydney today.
The Euro Stoxx 50 index of eurozone bluechip stocks is adding 0.24 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is gaining 0.28 percent.
The CAC 40 index is currently rising 0.3 percent.
Lafarge is gaining 2.2 percent and EADS is advancing 1.9 percent.
Pernod Ricard and Veolia Environment are notably higher.
Goldman Sachs cut Danone to 'Neutral' from 'Buy.' The stock is little changed.
Elsewhere in Europe, major markets are trading in positive territory. The major Asian markets closed mostly lower amid a lack of direction, as traders look for cues from the U.S.
In the U.S., futures point to a higher open on Wall Street. In the previous session, the major averages ended higher, even as buying interest was somewhat subdued. The Dow advanced 0.5 percent, the Nasdaq rose 0.1 percent and the S&P 500 climbed 0.3 percent.
In the commodity space, crude for December delivery is adding $0.20 to $94.81 per barrel and December gold is rising $0.8 to $1314.0 a troy ounce.
Copyright RTT News/dpa-AFX