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DAX Holds Steady As Allianz Unveils New Buyback Scheme

German shares held steady on Friday as the dollar gained ground and Allianz announced a share buyback program after posting third-quarter results, in line with expectations.

The benchmark DAX was virtually unchanged at 13,184 in late opening deals after falling as much as 1.5 percent in the previous session.

Telecommunications and web content provider Freenet rallied 3.1 percent after posting higher third-quarter sales and earnings.

Allianz Group rose about 1 percent. The insurer announced a new 2 billion euro share buyback plan despite reporting lower operating profit for the third quarter.

Automakers BMW, Daimler and Volkswagen edged lower even as a tax reform plan unveiled by U.S. Senate Republicans retained the $7,500 federal credit for electric-vehicle purchases.

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