DAX Modestly Higher Despite Weak PMI Data
2024-09-20
2024
(fxcue news) - German stocks eked out modest gains on Monday despite weak business activity data signaling Europe's largest economy had tipped into recession.
The HCOB German flash composite Purchasing Managers' Index, compiled by S&P Global, fell to 47.2 from 48.4 in August, marking a seven-month low.
The benchmark DAX was up 56 points, or 0.3 percent, at 18,776 after losing around 1.5 percent on Friday.
Scout24 SE, a provider of digital services to the real estate sector, rallied 1.8 percent after announcing a share buyback of up to 150 million euros. The share repurchase is expected to start in the coming weeks and to end in 2026.
Commerzbank slumped 5 percent after the German government announced that it would hold on to its 12 percent stake in the lender.
The government "will not, until further notice, sell any additional shares," the agency responsible for any sales said in a statement Friday. "This also includes sales related to any share buybacks."
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