WASHINGTON (dpa-AFX) - The German market is trading higher on Wednesday, as impressive earnings reports from the region offset worries about the eurozone's economic growth, even as economic data did little to boost investor sentiment.
On a day of data deluge, Eurozone retail sales declined more than expected in September on a notable decrease in non-food product sales, Eurostat said. Retail sales fell 1.3 percent in September from last month reversing a 0.9 percent rise in August. Sales were expected to fall moderately by 0.8 percent.
Separate data showed that the Eurozone private sector expanded slightly less than initially estimated in October. The final Markit composite output index rose to 52.1 in October from 52 in September, and was slightly below the flash estimate of 52.2.
Meanwhile, the German composite PMI came in at 53.9 in October, sharply down from the flash estimate of 54.3. In September, the index was at 54.1.
U.K. service sector growth slowed more than expected to a seventeen-month low in October, survey results from Markit Economics and the Chartered Institute of Purchasing and Supply showed. The PMI fell to 56.2 in October from 58.7 in September, less than the 58.5 score expected by economists.
The Euro Stoxx 50 index of eurozone bluechip stocks is adding 1.34 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is gaining 1.06 percent.
The DAX index is gaining 1.22 percent.
Lufthansa is gaining 3 percent, and utility RWE is adding 1.4 percent.
Henkel and HeidelbergCement are gaining 1.4 percent and 1.3 percent, respectively.
Car manufacturer Daimler and sports goods giant adidas are rising 1.3 percent each.
Hannover Re, which reported financial results, is gaining 1.4 percent.
Other markets in the region are also trading higher.
The Asian stocks fell broadly on the day, as falling commodity prices and concerns over sluggish growth in China and Europe kept investors at bay.
In the U.S., futures point to a higher open on Wall Street. In the previous session, stocks ended mostly lower, as energy stocks suffered heavy losses and investors waited for the outcome of the midterm elections, which could impact the political environment for the next two years. While the Dow inched up 0.1 percent, the tech-heavy Nasdaq and the S&P 500 fell about 0.3 percent each.
Crude for December delivery is losing $0.57 to $76.62 per barrel, while gold is falling $23.3 to $1144.4 a troy ounce.
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