DAX soars 2% in biggest one-day jump since five weeks
- DAX starts the week with its biggest daily gain in five weeks.
- Deutsche Bank and Commerzbank posted strong gains.
- Robust economic data from China and Europe provided a boost to the DAX.
At the start of the new trading week, robust economic data from Europe and China provided the DAX with its biggest one-day jump since five weeks. The DAX gained 2% to 11,788 points and the MDAX rose by 1.4% to 26,079 points. The TecDAX climbed 0.7% to 2,833 points.
Banks stocks were in demand in Germany on Monday: Deutsche Bank shares gained more than 5% and Commerzbank rose by 4.33%. In the chemical sector, the shares of Covestro and BASF were the most favored shares. They rose by 2.36% and 1.76% respectively.
In contrast, the software sector was weak: Teles, SNP Schneider and Nemetscheck were the worst performers in this sector with losses of between 14.11% and 3.30%.
The sentiment in industry brightened surprisingly in October: the final purchasing managers' index for the manufacturing sector climbed to 58.2 points, the highest level in more than two years. However, activity is likely to cool somewhat in the coming months as a result of the new lockdown measures.
Market participants are now eagerly awaiting the upcoming US presidential elections, where the Democrat Joe Biden has a solid lead over his rival Donald Trump according to the latest polls, but only has a slim lead in the election-critical swing states.
German DAX 30 key technical levels