DAX Edges Higher As Evergrande Avoids Default

German stocks advanced on Friday as fears over the Chinese property market cooled and a survey showed the German manufacturing sector quickened its pace of expansion in October.

China Evergrande Group pulled back from the brink of default by paying a bond coupon before this weekend's deadline.

In economic releases, the German manufacturing PMI came in at 58.2 this month vs. 56.5 expected and 58.4 prior, according to the preliminary manufacturing activity report from IHS/Markit research.

The services PMI dropped to a six-month low of 52.4 in October as against 55.0 estimated and 56.2 previous, while the composite output index stood at 52.0 vs. 54.0 expected and September's 55.5.

The benchmark DAX was up 59 points, or 0.4 percent, at 15,532 after declining 0.3 percent in the previous session.

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