European shares climb ahead of PMI readings

FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 23, 2020. REUTERS/Staff

(Reuters) – European shares gained on Friday as the World Health Organization stopped short of calling the virus outbreak in China a global emergency, with focus turning to flash PMI readings from major economies in the region.

After four consecutive sessions of declines, the pan-European STOXX 600 climbed 0.8% by 0804 GMT.

Germany’s DAX .GDAXI rose the most among regional peers, lifted by gains in Bayer (BAYGn.DE) after a report on a possible out-of-court settlement of a U.S. jury trial over allegations that its weed killer Roundup causes cancer.

IHS Markit’s flash Purchasing Manager’s index readings for France, Germany, Britain and the euro zone, due on Friday, will offer clues about the economic health of the bloc.

The UK PMI readings will be crucial ahead of the Bank of England’s interest rate decision next week.

Reporting by Medha Singh in Bengaluru; Editing by Shailesh Kuber

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