German stocks jump despite weak PMI numbers

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Source: Dukascopy Bank SA
© Scanpix/Reuters
German equities bounced off recent lows on Wednesday ahead of FOMC statement due later in the day. However, dismal national data capped the upswing. German Ifo Business Climate Index dropped more than forecast this month while manufacturing activity contracted ore than expected in September. The DAX Index gained 0.48% and is currently trading at 7,208.10. Only three in nine sectors included in the index jumped. Technology sector buoyed German stock index. SAP soared 5.47% after announcing that sales of new licenses surged by 12% to EUR1.03 billion. On the downside were utilities, with E.ON and RWE slumping 1.61% and 0.06%.


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