German stocks were trading higher on Wednesday, with PMI data and upcoming earnings from chip maker Nvidia in focus.
Germany’s private sector suffered the steepest contraction in more than three years in August, flash data released by S&P Global and Hamburg Commercial Bank showed earlier today – denting hopes that the service sector might rescue the German economy.
At 44.7, the flash composite output index hit a 39-month low in August, down from 48.5 in July.
The services Purchasing Managers’ Index dropped to a nine-month low of 47.3 from 52.3 in the previous month while the manufacturing PMI rose to 39.1 from 38.8 a month ago.
The benchmark DAX was up 82 points, or half a percent, at 15,787 after gaining 0.7 percent the previous day.
In corporate news, wind turbine manufacturer Nordex jumped nearly 2 percent after securing three contracts from Heitkamp Industrial Solutions GmbH, a German subsidiary of contracting company Ronesans Holding.
Market Analysis
DAX Rises Despite Weak PMI Data
2023-08-23 08:47:02
