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European stocks turn positive, DAX nears 11k mark

FXStreet (Mumbai) - The stocks on the European indices erased opening losses and rebounded higher on the back upbeat economic news and also on further stimulus talks delivered by ECB Draghi’s over the weekend.

Beating estimates PMIs lift sentiment

After a negative start, Germany’s, the DAX swung back higher into gains, driving its European counterparts higher as the above estimates manufacturing PMI reports from Germany as well as the 19-nation bloc boosted investors sentiment.

The final manufacturing PMI for the euro zone came in at 52.3 points in Oct, better than the preliminary reading of 52.0. While the German final manufacturing PMI also firmed up to 52.10 in Oct versus 51.6 flash estimates.

However, the UK’s FTSE failed to benefit from the UK factory data which surprised markets to the upside. The UK PMI jumped to 55.5 points in Oct, beating forecasts of a decline to 51.4 points.

Meanwhile, Germany’s DAX rises 0.69% to 10,927 points, while the UK’s FTSE trades -0.30% lower at 6,341. Among the other indices, the French CAC 40 index gains 0.34% to 4,912, while the pan-European Euro Stoxx 50 index advances 0.32% to 3,429 points.

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