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DAX recovers from the day’s low after PMI data

FXStreet (Mumbai) - The German equity markets are inching higher from the day’s low after the HSBC data showed German manufacturing activity returned to expansion in October.

The DAX is trading 0.26% lower at 8917.5, having recovered from a low of 8820.5 immediately after the opening bell. The index is slowly inching higher after the flash HSBC Manufacturing PMI index increased to 51.8 in October, from 49.9 in September. Moreover, a reading above the 50.00 levels indicates expansion in the activity. Meanwhile, the service activity slowed down to 54.8, following a 55.7 reading in the previous month.

Among the index stocks, Infineon Technologies and Lufthansa are trading higher by 1.92% and 1.32% respectively. Meanwhile, Henkel VZO, Lanxess, and Continental share prices are trading lower by 1% each.

Dax Technical levels

The index has an immediate resistance of 8957 (yesterday’s high), above which it can rise to 9000 levels. On the other hand, a failure to sustain gains above the critical support level of 8903 (Aug 8 low), shall open doors for a re-test of 8800 levels.

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