BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks edged higher on Thursday after U.S. House of Representative Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin both expressed hope for a breakthrough in partisan stimulus negotiations and the latest PMI data pointed to a gradual recovery in Europe's largest economy.
IHS Markit's final Purchasing Managers' Index (PMI) for manufacturing rose to 56.4 in September from 52.2 in August as output grew at the fastest pace in more than two years. However, that was lower than a flash estimate of 56.6.
The benchmark DAX inched up 16 points, or 0.1 percent, to 12,778 after falling around half a percent in the previous session.
MorphoSys AG edged down slightly. The biopharmaceutical company said that Jens Holstein has decided to step down as Chief Financial Officer and member of the company's Management Board, effective December 31, 2020.
Bayer slumped 9 percent. The pharmaceutical and chemicals company has unveiled plans to cut jobs and exit non-strategic businesses or brands, as the coronavirus pandemic impacts its businesses. It expects to take a non-cash impairment charges on agricultural business due to low commodity prices.
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