UPDATE 2-European shares end week on cheery note after U.S. and Chinese data

© Reuters. UPDATE 2-European shares end week on cheery note after U.S. and Chinese data

* STOXX 600 logs fourth straight weekly gain
* U.S. October job growth beats expectations
* China Oct manufacturing grows at fastest pace in over 2
yrs
* Miners gain most among major sub-sectors

(Updates to close, adds comments)
By Shreyashi Sanyal and Agamoni Ghosh
Nov 1 (Reuters) - European shares clocked their best day in
over a week on Friday, as upbeat jobs data from the United
States and a surprise bounce in Chinese manufacturing tempered
nerves around slowing global growth.
The pan-European STOXX 600 index .STOXX closed 0.7%
higher, while German shares .GDAXI , heavily export-oriented,
were also up 0.7%.
U.S. job growth slowed less than expected in October, while
a private business survey indicated that China's factory
activity unexpectedly expanded at the fastest pace in more than
two years last month.
The latest data out of China is in contrast to an official
survey published on Thursday, which had factory activity
shrinking for the sixth straight month in October.
"It's like icing on the cake with those
stronger-than-expected numbers in the wake of an interest rate
cut from the Federal Reserve," said Ken Odeluga, market analyst
at City Index.
The U.S. Federal Reserve lowered borrowing costs for the
third time this year on Wednesday, although it signaled there
would be no further reductions unless the U.S. economy took a
turn for the worse. Adding to the bounce were comments from White House adviser
Larry Kudlow who said trade talks with China were making
progress and the United States still aimed to sign an initial
deal this month, although the phase one agreement remained
unfinished and some issues would be pushed to a second pact.
"The official position so far from both sides remains rather
optimistic and that's being confirmed by the latest comments
from Kudlow," said Odeluga.
Mining stocks .SXPP led gains among sub-sectors with a
3.2% jump following strong factory activity data from China, the
world's top metals consumer.
After a volatile week packed with corporate news and
conflicting tones on the trade front, the benchmark index
registered its fourth straight weekly gain with a 0.4% rise.
Danish stocks .OMXC20 outperformed their European peers
with a 2.5% jump, boosted by transport and logistics services
company DSV Panalpina DSV.CO , which gained 7.4% after
reporting strong third-quarter results. Drugmaker Novo Nordisk NOVOb.CO rose 3.6% after raising
its sales outlook for 2019 on the back of its new drugs for type
II diabetes and obesity.
Among disappointing earnings, Denmark's biggest lender
Danske Bank DANSKE.CO slid 4% after narrowing its annual
profit outlook as it grapples to restore trust after being
involved in one of the world's biggest money laundering
scandals.
Bank stocks .SX7P snapped a three-week run of gains also
hit by sour results from Deutsche Bank DBKGn.DE and Credit
Suisse CSGN.S .