Global Investors Shrug Off Slump in Greek Market

By Tommy Stubbington and Josie Cox 

        Global markets focused on mixed economic data Monday, with investors shrugging off a slump in Greece's equity market as it reopened after a five-week closure.
        The Stoxx Europe 600 closed 0.8% higher, boosted by some upbeat company earnings and data showing eurozone factory activity in July grew slightly more rapidly than first estimated.
        Greece's Athex Composite index, which had been closed since June 29 as the country's debt crisis intensified, tumbled by more than 16%.
        In the U.S., the S&P 500 was down 0.1% as European markets closed, as a fresh fall in the price of oil weighed on some stocks and investors reacted to a slew of mixed economic data.
        The positive economic signs in Europe came despite a collapse in Greek factory activity, underlining that the wider eurozone economy has become increasingly insulated from turmoil in Greece.
        "The Greek crisis doesn't seem to have taken too much of a toll on confidence more widely. The European recovery story looks intact," said Rob Jones, co-head of European equities at Union Bancaire Privee.
        In Asia, equities dropped after a gauge of Chinese factory-floor activity slumped to a two-year low and commodity prices continued to fall.
        "This clearly does little to reverse what seems to be a broadening worry of Chinese economic slowdown," Deutsche Bank strategist Jim Reid wrote in a note to clients.
        In Europe, the lingering concern about China's economy dragged down mining shares, but most other indexes climbed.
        Germany's DAX rose 1.2% and France's CAC 40 added 0.8%. The U.K.'s FTSE 100, heavily weighted toward the mining sector, fell 0.1%.
        Corporate earnings remained in focus in Europe on Monday.
        Dutch brewer Heineken NV climbed after robust sales in emerging markets helped it post a sharper-than-expected rise in first-half profit.
        Shares in Intertek Group PLC closed 11% higher after the product-testing company reported a 16% higher pretax profit for the first half and said it expects to meet full-year forecasts.
        German lender Commerzbank AG also gained after saying second-quarter net profit more than doubled.
        In currency markets, the euro was 0.5% lower against the dollar at $1.0963, after rising sharply on Friday.
        In commodity markets, Brent crude was 3.8% lower at $50.21 a barrel. Gold was 0.4% lower at $1,091.20 a troy ounce.
        Write to Tommy Stubbington at tommy.stubbington@wsj.com and Josie Cox at josie.cox@wsj.com
        (END) Dow Jones Newswires

        August 03, 2015 12:30 ET (16:30 GMT)

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