DAX Down Sharply On Profit Taking, Weak PMI Data

(RTTNews) - German stocks fell on Monday, losing ground as investors, digesting regional PMI data, resorted to some profit taking after previous week's gains.

Data showing a sharp contraction in Germany's manufacturing activity in the month of November weighed significantly on sentiment.

The benchmark DAX was down 293.65 points or 1.23% at 23,534.60 a little while ago.

Rheinmetall tumbled more than 4% amid signs of progress in Ukraine peace talks. MTU Aero Engines drifted down 3.3%, while Infineon Technologies and Siemens Energy lost 2.7% and 2.5%, respectively.

Heidelberg Materials, Siemens, Deutsche Boerse, RWE, Vonovia and Deutsche Bank were also notably lower.

Merck climbed 2.3%. Mercedes-Benz gained about 1.2%, while Symrise, Brenntag, Deutsche Post, Volkswagen, Deutsche Telekom, Adidas and Qiagen gained 0.5 to 1%.

Data from S&P Global showed Germany's manufacturing activity shrank the most in nine months in November with a notable fall in new orders. The HCOB final PMI slid to 48.2 from 49.6 in the previous month. The reading was below the flash estimate of 48.4.

The decline was largely driven by a renewed fall in new orders, which reversed the six gains in eight months seen in October, recording the steepest drop since January amid ongoing customer uncertainty and weaker overseas demand.

The HCOB Eurozone Manufacturing PMI was revised down to 49.6 in November from a preliminary of 49.7, the lowest in five months and compared to 50 in October, a separate data from S&P Global showed. The flash reading was 49.7.