DAX Climbs After PMI Data
(RTTNews) - German stocks advanced on Monday after a survey showed business conditions in the German manufacturing sector steadied further in May.
The HCOB final Purchasing Managers' Index (PMI) for German manufacturing rose to 45.4 from 42.5 in April, confirming a preliminary flash estimate as output and new orders declined at a much slower pace than the previous month.
The benchmark DAX was up 134 points, or 0.7 percent, at 18,632 after finishing marginally higher on Friday.
Banks traded mixed, with Commerzbank falling 0.8 percent while Deutsche Bank rose 1.4 percent.
Automakers BMW, Mercedes Benz and Volkswagen were up between half a percent and 1.2 percent.
Vossloh AG shares edged up slightly. The manufacturer of rail infrastructure products announced that its Chinese subsidiary Vossloh Fastening Systems China Co. Ltd. has received an order for rail fastening systems for a section of a high-speed line currently under construction in China.
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