DAX Notably Higher As Automobiles, Technology Stocks Rally

DAX Notably Higher As Automobiles, Technology Stocks Rally

The German market is notably higher Wednesday with investors indulging in some brisk buying at several counters, reacting positively to corporate earnings reports.

Automobile and technology stocks are among the leading gainers.

The benchmark DAX is up 166 points or 1.32 percent at 12,778.11. The German market was closed on Tuesday for Labor Day holiday.

Infineon is rising nearly 4 percent. Volkswagen, Continental AG, Lufthansa, Linde, Siemens, Fresenius and Deutsche Boerse are up 2 to 3 percent.

Daimler, BMW, Muench.Rueckvers, SAP, Covestro, E.ON, Merck, Thyssenkrupp, Allianz and Vonovia are gaining 1 to 2 percent.

In economic news, the preliminary flash estimate from Eurostat showed the euro area economy expanded at a slower pace in the first quarter, with gross domestic product growing 0.4 percent sequentially, slower than the 0.7 percent expansion seen in the fourth quarter. However, that was in line with expectations.

On a yearly basis, economic growth eased to 2.5 percent, as expected, from 2.8 percent in the fourth quarter.

In the EU28, GDP expanded 0.4 percent on quarter, taking the annual rate to 2.4 percent in the first quarter of 2018, the report showed.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

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