Europe open: Stocks push higher on strong PMIs, IFO index

European stocks are pushing higher, with investors focused on a slate of positive economic data out of the single currency bloc.

At 0937 BST the benchmark Stoxx 600 was higher by 0.24% to 392.09, alongside gains of 0.51% for Germany's Dax to 12,684.31 and gains of 0.52% in the FTSE MIbtel to 21,427.37.

In parallel, the euro was 0.13% higher against the US dollar to 1.1250, although front month Brent crude oil futures were off 0.7% to $53.50 a barrel on the ICE.

"The DAX and the CAC are trading higher this morning after both countries revealed impressive flash services and manufacturing PMI figures. The eurozone as a whole also reported figures which painted a positive picture of its services and manufacturing sector," said David Madden, market analyst at CMC Markets UK.

Markit's euro area purchasing managers' index for May was unchanged at 56.8 (consensus: 56.7).

More significantly, the IFO institute's business confidence index for Germany in the month of May surged from a reading of 113.0 in the month before to 114.6.

That was far in excess of economists' forecasts calling for a reading of 113.1, with the IFO institute itself describing the mood among German businessmen as "euphoric".

French household equipment manufacturer SEB sold €500.0m of seven-year debt the day before, the company announced.

JP Morgan upped its stake in Telecom Italia to a shade below 5%.