DAX: Downward Trend Continues
The German DAX stock index has posted losses in the Friday session, following the downward trend seen on Thursday. The DAX is trading at 10.793 level, having lost 0.15% on the day. The European stocks were pressured by weak Eurozone and German PMIs.
Germany's private sector expansion slowed to a four-year low in December, suggesting growth in Europe's largest economy may be weak in the final quarter. IHS Markit's flash composite Purchasing Managers' Index (PMI), which tracks the manufacturing and services sectors that together account for more than two-thirds of the economy, fell to 52.2 in December from 52.3 in November.
The Eurozone manufacturing PMI fell to 51.4 in December compared to expectations for 51.9 and from 51.8 a month earlier. Eurozone services PMI dropped to 51.4 in December from November's 53.4. Economists had forecast a reading of 53.5. IHS Markit's Flash Composite Purchasing Managers' Index (PMI) fell to 51.3 in December, from a final November reading of 52.7. The indicator showed its weakest since November 2014. Economists as expected a modest rise to 52.8.