DAX Rises After China Data
(RTTNews) - German stocks rose modestly on Friday as upbeat manufacturing data from China helped offset investor concerns over prospects of a U.S.-China trade pact.
A private survey showed factory activity in China expanded at its quickest pace since February 2017. The Caixin/Markit manufacturing PMI rose to 51.7 in October from 51.4 for September, as production and new orders both expanded at a faster pace.
On the trade front, optimism over a concrete US-China trade deal faded after a Bloomberg report suggested that Chinese officials are unwilling to budge on the thorniest issues and have cast doubts about reaching a comprehensive long-term trade agreement.
Investors appeared somewhat soothed by U.S. President Trump's comments that the U.S. and China are working on a new site to sign phase one of the trade deal.
The benchmark DAX was up 54 points, or 0.42 percent, at 12,920 after declining 0.3 percent the previous day.
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