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European shares crept higher on Monday after weak factory data highlighted the poor health of the global economy, keeping alive talk of fresh stimulus from major central banks. However, with U.S. investors out for the Labor Day holiday, markets were stuck in a limited range.
Expectations that central banks would soon take steps to boost growth increased after separate surveys showed manufacturing activity in China and Europe slowing by more than expected in August.
“I think we’re going to see more stimulus from pretty much every central bank on the face of the planet,” said Michael Ingram, market analyst at BGC Partners. “We’re living in a globalised economy.
It’s a globalised slowdown. So policy makers have to step up to the plate.”
