Scoreboard: Europe climbs back

European stocks recovered after significant falls in early trading, while oil prices climbed after dropping below $US80.

In US economic data, the Philadelphia Fed business activity index fell from 22.5 to 20.7 in October. Across the sub-indices, new orders and prices paid lifted, while employment eased. The NAHB Housing market index fell from 59 to 54 in October -- the first decline in five months, suggesting moderation in the pace of new construction. US industrial production rose by 1 per cent in September, well above forecasts. Strength in mining and utilities drove the result. US jobless claims fell 23,000 to 264,000 last week.

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