DAX Starts to Weaken Once Again
European shares were mostly lower today. The German DAX stock index is trading at 11.469 level, having lost 0.34% on the day. The DAX fell by 6.7% in October and showed its worst monthly performance since December 2016. Still, the DAX managed to show a 1% gain since the beginning of November. Traders should expect some volatility in the global equity markets, as markets await results of the US midterm elections.
Germany's factory orders grew for a second straight month in September, defying expectations for a fall. Preliminary data from the Federal Statistical Office showed that factory orders rose 0.3% month-on-month in September, following a 2.5% growth in August. Economists had forecast a 0.5% decline. On annual basis, factory orders fell 2.2% in September after a 1.8% slump in August. Economists were looking for a 2.8% decrease.
Germany's services sector expanded more-than-expected at in October. The services PMI fell to 54.7 in October from September's eight-month high of 55.9. The latest reading was the lowest since July, but was above the flash estimate of 53.6. The composite PMI fell to 53.4 from 55 in September, but was above the flash reading of 52.7.