European stocks close mostly higher, despite continued manufacturing decline

By Ovunc Kutlu

ANKARA (AA) - Major European stock markets closed Wednesday with gains, except Italy's FTSE MIB, even as eurozone manufacturing activity continued to contract.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, was up 2.6 points, or 0.6%, at 438.82.

The UK's FTSE 100 added 12 points, or 0.17%, to close at 7,465 and Germany's DAX 30 rose 5.24 points, or 0.04%, to finish at 14,427.

France's CAC 40 increased 21 points, or 0.32%, to end the session at 6,679, while Spain's IBEX 35 gained 6.2 points, or 0.07%, to 8,331.

Italy's FTSE MIB, on the other hand, fell 9 points, or 0.04%, to close at 24,581.

These gains came despite manufacturing activity in the eurozone continuing to contract for the fifth straight month.

The eurozone manufacturing purchasing managers' index (PMI) increased to 47.3 in November, up from 46.4 in October, S&P Global figures showed earlier. This was still below a reading of 50, however, thus indicating contraction in the manufacturing sector.