(RTTNews) – German stocks advanced on Monday as signs that Donald Trump’s health was improving helped ease some concerns surrounding the 2020 U.S. presidential election.
Trump’s doctors said he’s doing well and could be discharged later today.
Investors are also pinning hopes on the last economic stimulus boost to the economy before the U.S. election, with House Speaker Nancy Pelosi telling CBS in an interview that progress was being made on coronavirus relief legislation to respond to the economic fallout from the coronavirus pandemic.
Separately, Politico reported that Treasury Secretary Steven Mnuchin and Pelosi consulted Federal Reserve Chair Jerome Powell about their stimulus plan talks.
The benchmark DAX rose 78 points, or 0.6 percent, to 12,765 in early trade after declining 0.3 percent on Friday.
Industrials led the surge, with steelmaker ThyseenKrupp surging as much as 6 percent.
Banks were moving higher, with Commerzbank rising 1.2 percent and Deutsche Bank rallying 2.4 percent.
In economic releases, the euro area private sector expanded only marginally in September as the service sector slipped back into contraction, while manufacturing output grew the most in over two-and-a-half years, final survey data from IHS Markit showed.
The composite output index fell to a three-month low of 50.4 in September from 51.9 in the previous month amid rising coronavirus cases. The flash score was 50.1.
Germany recorded a marked rate of growth, with its performance far outstripping the rest of the region. However, the service sector recovery lost further momentum with the activity rising at the slowest pace for three months.
The services PMI dropped to 50.6 from 52.5 a month ago. The flash score was 49.1.
Meanwhile, the composite PMI advanced to 54.7 from 54.4 in August. This was also above the flash reading of 53.7.
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