The major European markets are trading higher on Friday, with the French CAC 40 Index rising 0.10%, while the German DAX Index and the U.K.’s FTSE 100 Index is rising 0.52% and 0.92%, respectively.
In economic news, Markit Economics reported that eurozone manufacturing activity fell to an eight-month low in September, whil e new orders received by manufacturers grew at the slowest pace in a year. The manufacturing purchasing managers' index came in at a seasonally adjusted 53.7, down from 55.1 in August, but up from the preliminary estimate of 53.6.
Meanwhile, a separate report showed that the euro area’s unemployment rate stayed at a 12-year high of 10.1% in August. The unemployment rate had remained at this level since May.
German retail sales fell 0.2% month-over-month in August, according to a report released by the German Federal Statistical Office. Economists expected a 0.4% increase for the month. On a year-over-year basis, retail sales were up 2.2%, bigger than the 1.2% increase in July.
U.S. Economic Reports
Personal spending showed another moderate increase in the month of August, according to a report released by the Commerce Department, with the report also showing a notable increase in personal income during the month.
The report showed that personal spending increased by 0.4% in August, matching the increase that was seen in July. The increase in spending came in slightly above the expectations of economists, who had expected spending to rise by 0.3%.
Additionally, the Commerce Department said that personal income rose by 0.5% in August after edging up by 0.2% in July. Economists had been expecting income to increase by 0.3%.
Individual automakers are scheduled to release their monthly U.S. sales results for September. The data will reveal the unit sales of domestically produced cars and light duty trucks, including sports utility vehicles and mini-vans, during the month.
The results of the manufacturing survey of the Institute for Supply Management, which are based on data compiled from purchasing and supply executives nationwide, are due out at 10 AM ET. Economists expect the index of activity in the sector to show a reading of 54.8 for September.
The manufacturing purchasing managers' index unexpectedly rose to 56.3 in August from 55.5 in July. The production index rose 2.9 points to 59.9, while the new orders index edged down 0.4 points to 53.1 and the order backlogs index fell 3 points to 51.5. On a surprising note, the employment index climbed 1.8 points to 60.4, a 27-year high. The inventories index also increased, rising 1.2 points to 51.4.
The Reuters/University of Michigan's final report on the consumer sentiment index for September is scheduled to be released at 9:55 AM ET. The consumer sentiment index is expected to be upwardly revised to 67 from the mid-month reading of 66.6.
The Commerce Department's construction spending report to be released at 10 AM ET is expected to show a 0.5% decline in spending for August.
Construction spending fell 1% month-over-month in July, steeper than the 0.7% decline expected by economists. Private as well as public construction spending declined from month-ago levels, dropping by 0.8% and 1.2%, respectively. In the private category, single-family and multi-family construction spending was down 2.5% each, while private non-residential construction rose 0.8%.