DAX Recoils Strongly
European stocks were higher today. The German DAX stock index gained 1.01% to trade at 11.388 level. The DAX has started the week with sharp losses but has clawed its way higher on Wednesday. The DAX has been falling for five straight days, and reached its lowest level since December 2016 on Monday (11.228).
Today's economic data from Germany showed, that the preliminary German services purchasing managers’ index (PMI) declined to a five-month low of 53.6 in October, down from 55.9 in September. The indicator was below expectations for a reading of 55.5. German manufacturing PMI fell to 52.3 in October from a final reading of 53.7 in September. Analysts had expected the index to slip to 53.5. The indicator marked the lowest level in 29 months.
Flash German Composite Output Index, which measures the combined output of both the manufacturing and service sectors fell to a 41-month low of 52.7 this month, down from 55.0 in September. Economists had forecast a reading of 54.8.