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DAX gains on upbeat GDP report

FXStreet (Mumbai) - The Germany’s DAX inched higher after a report showed the German economy grew slightly in the third quarter.

The Dax traded 0.84% higher at 9867.30 levels at the time of writing. The index breadth is positive with an advance decline ratio of 27:3. The index is being led higher by banking stocks, which are up 2.12%, followed by Utilities, up 2.00%. On the other hand, Food and Beverage and Basic Resource stocks are down 1.38% and 0.98% respectively.

Shares in RWE AG gained 3.11% as the coal-fired power plants run by the company will avoid mandatory closings under the government’s efforts to reach its target for greenhouse-gas emissions. Other major gainers include EON SE, Deutsche Bank, Thyssennkrupp AG and Commerzbank AG. Meanwhile, on the minus side are stocks like Infineon AG, Allianz, and Lanxess.

The stock prices extended yesterday’s gains after the official data in Germany showed the third quarter GDP at 0.1%, after a contraction of 0.1% in the second quarter. The headline figure was helped by private consumption, which increased 0.7% on the quarter. Gross capital formation declined by 3.6% and exports were up 1.9%.

DAX Technical Levels

The index has an immediate resistance located at 9891.20 (Sept. 19 high), above which prices can extend gains to 9943 levels. On the flip side, support is seen at 9523 and 9465 levels.

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