EU Stocks Higher, Asia Stocks Mixed

SEOUL, South Korea (AP) -- European stocks were moderately higher while Asian stocks finished mixed in moderate trading Tuesday. Upbeat reports on manufacturing in the U.S. and Europe were countered by weak growth data from South Korea, Asia's fourth-largest economy.

KEEPING SCORE: Britain's FTSE 100 added 0.4 percent to 7,013.39 while France's CAC 40 gained 0.3 percent to 4,567.11. Germany's DAX rose 0.5 percent to 10,813.16. Stock futures showed that Wall Street was set for a tepid start. Dow futures added 0.2 percent while S&P futures also advanced 0.2 percent.

SLOWING GROWTH: The Bank of Korea said South Korea's third-quarter growth slowed to 2.7 percent, its slowest annual pace in more than a year. Manufacturing saw its largest decline in over five years thanks to Samsung's Galaxy Note 7 recalls and a strike at Hyundai Motors. "Korea's economy lost momentum in the third quarter of 2016, and we expect growth will struggle in the coming quarters due to a combination of rising domestic headwinds and subdued global demand," Krystal Tan of Capital Economics said in a commentary.

BUSINESS IN U.S., EUROPE: A survey of U.S. manufacturing climbed to its highest level in a year, while a purchasing managers' index, or PMI, compiled by research firm IHS Markit showed business activity across the eurozone grew at its fastest pace so far this year in October.

ANALYST'S TAKE: "On the data front, PMI manufacturing readings improved for the U.S., Japan and Europe," Mizuho Bank said in a daily commentary. "This continues to point to ongoing recovery in G3 economies though at a modest pace."

ASIA'S DAY: Japan's Nikkei 225 rose 0.8 percent to 17,365.25 while South Korea's Kospi fell 0.5 percent to 2,037.17. Hong Kong's Hang Seng index dipped 0.2 percent to 23,565.11 and the Shanghai Composite index gained 0.1 percent to 3,131.94. Australia's S&P/ASX 200 gained 0.6 percent to 5,442.80. Markets in Southeast Asia were mixed.

OIL: Benchmark U.S. crude added 21 cents to $50.73 per barrel in New York. The contract closed 33 cents lower at $50.52 a barrel on Monday. Brent crude, the international standard, rose 17 cents to $51.63 a barrel in London.

CURRENCIES: The dollar rose to 104.46 yen from 104.30 yen. The euro strengthened to $1.0887 from $1.0875.

(KA)