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DAX is among the highest in 6 months

2019-04-03 09:29 am | Resource: NEWS | No Views : 194

 DAX is among the highest in 6 months

Most European markets rose on Wednesday as Germany's DAX hit unseen levels in nearly six months in early trade.

Meanwhile, investors have digested reports on Britain's impasse from the EU as the British government looks for ways to compromise with parliament. Later in the day, deputies will have the opportunity to discuss the impasse with Prime Minister Teresa Mae.

Eurozone PMI at 51.6 in March

The composite purchasing managers' index for the euro zone for March was 51.6, down slightly from 51.9 in February, according to a report published by IHSMarket on Wednesday.

The report showed that service activity rose in March at its strongest rate since last November, while commodity producers recorded the largest monthly decline in production since April 2013.

The report attributed weakness in industrial production to deteriorating demand conditions, affecting the recession in the German economy in particular. In addition, private sector employment in the eurozone continued to grow at a steady pace in March, where growth was recorded for nearly four and a half years, led mostly by the service sector, with the number of manufacturing jobs changing slightly from the previous month.

"The final Eurozone PMI for March confirms the slow end of the first quarter," said Chris Williamson, chief economist at IHSMarket.

"At current levels, the PMI remains consistent with 0.2% GDP growth in the first quarter, but unless manufacturing withdraws from recession, overall economic growth in the second quarter is likely to weaken as the economy spreads to the services sector, "He said.

European Stocks Open
  • The FTSE index was almost steady during early trade in London, with Melrose Industries up 2.62%, while Berber Group lost 2.89%, boosted by manufacturing.
  • The CAC 40 index rose 0.74% at 9:16 CET.
  • The DAX rose more than 1% at 9:18 am CET, as steel stocks and semiconductors rose.

The Euro was up 0.17% against the US Dollar to trade at 1.1227 at 9:38 CET.

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