DAX Rises More Than 1% On Easing US Bank Concerns, U.S.-China Relations
(RTTNews) - German stocks are gaining some notable ground in positive territory on Monday, recovering well from previous session's sharp decline.
Easing concerns about the health of the US banking sector, and expectations of improved trade relations between China and the U.S. contribute to the positive mood in the market.
US President Donald Trump sought to ease trade tensions, saying the much higher tariffs he had threatened to impose on Chinese imports wouldn't be sustainable. A new round of US-China trade talks are also set for this week
The benchmark DAX was up 270.08 points or 1.13% at 24,115.49 a little while ago.
Data from Destatis showed Germany's producer prices decreased 1.7% year-on-year in September, following a 2.2% drop in August. Prices have been falling since March.
Month-on-month, producer prices slid 0.1%, while prices were expected to climb 0.1%. However, this was slower than the 0.5% decrease posted in August.
Rheinmetall is rising 4.15%. Infineon Technologies is gaining about 2.3%, while Siemens Energy, Daimler Truck Holding, Commerzbank, Deutsche Telekom, SAP and Heidelberg Materials are up 1.5 to 2%.
Siemens, GEA Group, Brenntag, Deutsche Bank, MTU Aero Engines, Bayer, Adidas and Fresenius are up 1 to 1.4%.
Merck, Mercedes-Benz, Vonovia, Volkswagen, Porsche Automobil Holding are down 0.5 to 1%,
Shares of Thysenkrupp is down more than 20% after the company spun off a minority stake in Thyssenkrupp Marine Systems as part of a restructure plan.
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