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DAX Gains Despite Weak Manufacturing Data
(RTTNews) - German stocks edged higher on Monday as optimism about the health of the U.S. economy and Fed pause hopes offset domestic data showing that German manufacturing activity shrank at the fastest rate in more than three years in June.
The HCOB final Purchasing Managers' Index (PMI) for manufacturing, which accounts for about a fifth of Germany's economy, dropped to 40.6 from 43.2 in May, marking the fifth consecutive monthly decline.
Meanwhile, the final Eurozone PMI Manufacturing reading for June has been finalized at 43.4 versus 43.6 preliminary as demand for goods fell sharply at the end of the second quarter.
The benchmark DAX was up 50 points, or 0.3 percent, at 16,198 after climbing 1.3 percent on Friday.
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