German Stocks Turning In Mixed Performance; DAX Up Marginally
(RTTNews) - German stocks turning in a mixed performance on Friday with investors reacting to corporate earnings announcements, and data showing a sharp growth in German services sector activity in the month of October.
Investors are also following the developments on the trade front.
The benchmark DAX, which slipped into the red after a positive start, recovered subsequently and was up 2.90 points at 24,221.99 a little while ago.
Heidelberg Materials and Siemens Energy are gaining 2.2% and 2.1%, respectively. Continental is up 1.8%, while Commerzbank, Deutsche Bowerse and Siemens are up 1 to 1.2%.
Vonovia, E.ON., and SAP are down 1.5%, 1.3% and 1.2%, respectively. MTU Aero Engies and Beiersdorf are down nearly 1%, while Fresenius, RWE and Henkel are down with modest losses.
Data from S&P Global showed the HCOB Flash Germany Composite PMI increased to 53.8 in October from 52 in September, pointing to the strongest growth in private sector activity since May 2023, mostly due to a solid increase in services business activity.
The Services PMI increased to a two-and-a-half year high of 54.5, up from 51.5 a month earlier. The Manufacturing PMI edged up slightly to 49.6 from 49.5%.
Eurozone business activity growth hit a 17-month high in October, with Composite PMI rising to 52.2 from 51.2, driven by services.
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