German DAX Stock Index Fell by 1.26%

Forex News

European stock markets declined today, as investors expected the US Senate vote on tax reform legislation. The German DAX stock index fell by 1.26% today and is trading at 12.859.75 level.

The German and Eurozone manufacturing PMIs continue to improve. The purchasing managers’ index from IHS Markit (PMI) for the German manufacturing sector, which accounts for about a fifth of the economy, jumped to 62.5 in November from 60.6 in October. This indicator has become the highest since February 2011.

Production activities in the euro area significantly expanded in November, in line with the growth in production and new orders. The Eurozone manufacturing PMI rose to a record high of 60.1 in November from 58.5 in October, and this is the strongest since April 2000. Economists had expected growth of the figure to 60.0. The recovery in the Eurozone manufacturing sector continued to show significant growth, with growth in all major advanced economies for the sixth consecutive month.