DAX Index starts the session higher today, as investors are confused about the recent developments in US-China trade negotiations. The index supported by stronger manufacturing PMI reading. The Germany Markit Manufacturing PMI came in at 43.8 topping forecasts of 42.9 in November. On the other hand, the Services PMI came in at 51.3 below expectations of 52 in November, while the Composite PMI came in at 49.2, below forecasts of 49.4.
The German economy returned to growth in the 3Q, with the GDP rising by 0.1%, quarter-on-quarter. In the 2Q quarter, the economy shrank by 0.2%.
Dax index adds 0.73% at 13,234and close to daily highs after thhhe stronge manufacturing PMI; the momentum is bullish for the index despite the recent correction as the Dax trades above all major daily moving averages and the price holds inside the ascending channel which started back in December 2018. Recent pullback helped the index to exit from the overbought area.