German Stocks Advance as Software AG, Daimler Shares Gain
Software AG rallied 5.3 percent after Germany’s second-largest software maker confirmed its targets for 2013. Daimler advanced 2.5 percent after reporting third-quarter earnings that exceeded analysts’ estimates. Celesio AG (CLS1) jumped 5.2 percent after America’s McKesson Corp. agreed to buy a majority stake in the drug wholesaler.
The DAX Index (DAX) added 0.4 percent to 8,956.29 at 10:04 a.m. in Frankfurt, trading near a record level. The equity benchmark has increased 1 percent since Oct. 18 as investors speculated that a worse-than-forecast U.S. payrolls report would delay a reduction in the Federal Reserve’s monthly bond purchases. The broader HDAX Index also rose 0.4 percent today.
In China, a report showed that manufacturing strengthened this month more than expected. The preliminary 50.9 reading for the purchasing managers’ index released by HSBC Holdings Plc and Markit Economics beat the 50.4 median estimate from analysts surveyed by Bloomberg News. Readings above 50 mean that activity increased.
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