European Stocks Rally On Manufacturing Data

(RTTNews) - European stocks began the month on high note Tuesday, after data confirmed U.S. manufacturing expanded at a faster pace last month.

Meanwhile, growth in euro-area manufacturing activity stayed close to the highest level in almost three years in March.

Stocks were also boosted by yesterday's remarks from Federal Reserve Chair Janet Yellen.

The Fed will keep its "extraordinary" support for the economy for "some time to come," Chairman Janet Yellen said Monday in Chicago.

The Euro Stoxx 50 index of eurozone bluechip stocks rose 0.68 percent.

The German DAX gained 0.50 percent and the French CAC 40 rose 0.80 percent. The UK's FTSE 100 advanced 0.82 percent while Switzerland's SMI was flat

Alstom SA surged after agreeing to sell a unit to Triton.

Finnish mining equipment maker Metso Oyj soared after Weir Group Plc proposed a merger

ICAP Plc posted decent gains after predicting full-year profit will meet analysts' estimates

Software AG rose 2.8 percent on news of an agreement with the Scheer Group GmbH concerning the sale of its SAP-service operations.

BHP Billiton pushed up 2 percent. Responding to media speculation about its portfolio, the Anglo-Australian mining giant said it continues to study simplifying its operations to focus on iron ore, copper, coal and petroleum assets.

Geoscience services business Getech Group reported a sharp decline in first-half profit, hurt by lower revenues and higher costs. The stock fell more than 11 percent.

In economic news, the recovery in the Eurozone manufacturing sector extended into its ninth consecutive month in March, final data from Markit Economics showed Tuesday.

The final seasonally adjusted manufacturing Purchasing Managers' Index dipped to a three-month low of 53.0, in line with flash estimate, from 53.2 in February. The score above 50 indicates expansion in the sector.

Elswehere, ISM said its U.S. purchasing managers index crept up to 53.7 in March from 53.2 in February, with a reading above 50 indicating growth in the manufacturing sector.