Euro zone downturn eased in NovPMI
Miners, oil stocks extend surge
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Nov 23 Reuters European stocks were pinned near threemonth highs on Wednesday as data showed a downturn in euro zone business activity eased slightly in November, while rallying commodity shares offset losses in Credit Suisse following its profit warning.

The Europewide STOXX 600 index inched up 0.1 to its strongest level since Aug. 19. Oil and gas and mining stocks extended gains for a second session, and were up 1.3 each.

Credit Suisse fell 5.1 to the bottom of STOXX 600 after the embattled Swiss lender said it expects to make a pre tax loss of up to 1.5 billion Swiss francs 1.58 billion for the fourth quarter.

SP Global39;s flash Composite Purchasing Managers39; Index PMI for the euro zone, seen as a good gauge of overall economic health, nudged up to 47.8 in November from the previous month. Economists were expecting a fall to 47.0 in a Reuters poll.

The survey, however, also showed overall demand continued to decline as consumers cut spending amid a cost of living crisis.

The PMIs confirm that the European economy is probably already in a technical recession in the fourth quarter but they also show we39;re stabilising around the low levels and not falling off a cliff, said Christian Stocker, lead equity strategist at Unicredit.

It is a light recession but nothing dramatic for the earnings.

The benchmark STOXX 600 has rallied about 14 from its September closing…