Scoreboard: Europe hammers home

European stocks rallied on encouraging manufacturing data out of Europe and China, while Syrian uncertainty saw oil prices slip.

In European economic data, the eurozone manufacturing PMI was revised up from the flash estimate of 51.3 to 51.4 in August. Manufacturing PMIs in Germany, France and Italy were 51.8, 49.7 and 51.3 respectively. European manufacturing output is growing again modestly, with the UK manufacturing PMI also rising to a 30-month high of 57.2 in August, again beating market expectations. The UK recovery is gaining traction and recent data suggests growth will be above trend through the September quarter.


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