DAX Little Changed As Manufacturing Data Disappoints
(RTTNews) - German stocks were little changed on Monday after Saudi Arabia and other major oil producers on Sunday announced an oil output cut of 1.16 million barrels per day in a surprise move to support prices.
Investors were also reacting to data showing that German manufacturing activity shrank in March at the fastest pace in almost three years.
S&P Global's final Purchasing Managers' Index (PMI) for manufacturing, which accounts for about a fifth of Germany's economy, fell to 44.7 from 46.3 in February.
The benchmark DAX was marginally lower at 15,622 after gaining 0.7 percent on Friday. Banks topped the gainers list, with Commerzbank climbing 2.5 percent and Deutsche Bank adding 2.3 percent.
Airline Lufthansa was little changed as oil prices jumped more than 5 percent on the surprise announcement by the oil cartel.
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