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Dax edges lower before PMI data

FXStreet (Mumbai) - The German equity markets traded in the red as investors await the German PMI manufacturing data which will give more clues regarding the health of the Eurozone’s largest economy.

The Dax is trading 0.23% lower at 9305.80 today, compared to the Friday’s close of 9326. The Index breadth is slightly negative with an advance decline ratio of 11:19. The shares in the Heidelbergcement AG are up 1.82% after the company said it does not intend to bid for a portfolio of assets being sold by Holcim and Lafarge, which have agreed to merge. Other top gainers include shares of Continental AG, Commerzbank AG and Lufthansa AG. On the other hand, the index is being driven lower by the shares in the Deutsche Telekom AG, which are down 0.60%. Other top losers include shares of Linde AG, Deutsche Borse, Merck.

The equities may fall if the PMI manufacturing data for October falls below the preliminary estimate of 51.8.

DAX Technical levels

The index has an immediate resistance at 9412, above which the prices can rise to 9480 levels. On the flip side, support is seen at 9218 and 9160 levels.

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