Markets

DAX Rises Led By Banks

(RTTNews) - German stocks advanced on Friday after data showed German manufacturing continued its solid recovery from lockdowns earlier this year.

The manufacturing PMI rose from 56.4 to 58.0 in October, marking the highest level in 30 months. The services PMI, however, dropped to 48.9 from 50.6. The composite PMI dropped to 54.5 from 54.7.

The benchmark DAX rose 85 points, or 0.7 percent, to 12,626 after closing 0.1 percent lower the previous day.

Shares of Daimler AG rallied 2.2 percent after the auto giant reported higher profit in its third-quarter, despite weakness in revenues and sales volume.

Looking ahead, the company projects that the positive momentum in the third quarter from market and cost measures would continue in the fourth quarter.

Daimler now expects Group EBIT for full year 2020 at the prior-year level, compared to previous expectation of a decline.

Rival BMW gained 0.6 percent and Volkswagen added 1.3 percent.

Lender Commerzbank surged 3.8 percent and Deutsche Bank jumped 2.8 percent after Barclays reported stronger than expected third-quarter results.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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