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Mercedes miss weighs on DAX futures this morning

The DAX futures were already in the red this morning before the Q3 results from the German automaker, Mercedes hit the screens. Well, those results were not good. Mercedes missed on the bottom line as revenue fell. These results are yet further evidence of the woes impacting the German car industry and that is not good news. The better than forecast PMI data seen out of Germany yesterday helped to lift the Euro and initially the DAX too. Well, perhaps those PMI readings were just a temporary blip? There is certainly a case to be made for thinking that, but perhaps the IFO report later this morning might underscore that? We shall see later this morning. Meantime, the DAX is set to open lower today. The index was the best performing major European index yesterday, when it closed 65 points higher, at 19,443. Right now this morning it is set to reopen around 19,375, which is some way below the low point seen yesterday, at 19,417

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