DAX Cuts Early Losses After Upbeat Data




German stocks cut early losses to trade on a flat note Friday after Markit's German Manufacturing PMI for February beat estimates with a score of 47.8 points, far above 44.8 expected and 45.3 recorded in January. That's the highest level in 13 months.


China reported an uptick in new coronavirus cases, raising concerns the COVID-19 epidemic will eventually expand rapidly beyond its center in China. The new cases are mushrooming beyond China, most notably in Japan and South Korea.


The benchmark DAX was down 5 points, at 13,658 after losing 0.9 percent on Thursday.


Insurance and asset management company Allianz SE rose half a percent. The company lifted its 2020 operating profit view after fourth-quarter net income attributable to shareholders rose 9.5 percent to 1.86 billion euros from last year's 1.70 billion euros.


Hospital operator Rhoen-Klinikum AG fell over 1 percent. The company said its fiscal 2019 net consolidated profit declined, as expected, to 44.5 million euros from 51.2 million euros in the previous year.

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