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European stocks lower after dismal US manufacturing data; trading subdued ahead of US election

Business Materials 3 November 2008 21:36 (UTC +04:00)

European stock markets have moved lower after further dismal U.S. economic data reinforced concerns

about the world's largest economy, the Associated Press reported.

The FTSE 100 index of leading British shares closed 65.94 points, or 1.5 percent, higher at 4,443.28, while France's CAC-40 was up 40.90 points, or 1.2 percent, at 3,527.97.

Germany's DAX was 38.87 points, or 0.8 percent, higher at 5,026.84.

Trading volumes were light through the day and ranges were narrow as investors remain wary of piling back into stocks after October saw the biggest bout of selling for twenty years.

Stocks had moved into negative territory for a brief while after the Institute for Supply Management said its index of manufacturing activity in the U.S. fell to 38.9 in October from 43.5 in September. The reading was below expectations.

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