DAX Inches Higher As US Avoids Government Shutdown
(RTTNews) - German stocks were seeing modest gains on Monday after the U.S. Congress passed a stopgap funding bill, averting for now a looming government shutdown.
Meanwhile, investors shrugged off the results of a survey showing that Germany's manufacturing sector remained mired in a downturn in September as a result of weak demand and falling output.
The HCOB final Purchasing Managers' Index (PMI) for manufacturing rose to 39.6 from 39.1 in August, and below the 39.8 of the flash estimate.
The benchmark DAX was up 39 points, or 0.3 percent, at 15,425 after gaining 0.4 percent on Friday.
Deutsche Bank edged down slightly on reports that the country's financial regulator has appointed a special monitor to oversee the lender's handling of consumer service problems at its Postbank unit.
Insurer Allianz SE was little changed after extending the mandate of Oliver Bate as Chairman and Chief Executive Officer.
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