DAX Scales New Record High On EU Tariff Relief, German Consumer Sentiment Data
(RTTNews) - German stocks are exhibiting strength on Tuesday, extending gains from the previous session, as investors continue to cheer the pause in EU tariffs. Report showing an uptick in German consumer sentiment contributes as well to market's gains.
The benchmark DAX, which rose to a record high at 24,232.57, was up 227.17 points or 0.95% at 24,224.61 a little while ago.
Defense stocks were in the spotlight after Trump threatened additional sanctions on Russia.
Infineon Technologies is gaining nearly 3%. Rheinmetall, Zalando, Brenntag, Bayer, Siemens Energy, MTU Aero Engines, BASF, Siemens, Merck and SAP are up 1 to 2%.
Daimler Truck Holding, Deutsche Bank, Deutsche Boerse, Symrise and Deutsche Post are moderately higher.
Automakers BMW, Mercedes Benz and Volkswagen are modestly higher despite industry data showing that new car sales fell 1.2% in the year-to-date period compared to the previous year.
E.ON is declining 1.7%. RWE, Heidelberg Materials and Fresenius Medical Care are down 0.3 to 0.7%.
A report published by GfK market research institute and the Nuremberg Institute for Market Decisions, showed German consumer sentiment rose for a third straight month. The forward-looking index rose by 0.9 points month on month to -19.9 points.
Data released by the European Automobile Manufacturers' Association showed Europe new car registrations declined in the four months to April as uncertainty over the trade tariffs weighed on demand.
New car sales fell 1.2% in the year-to-date period compared to the previous year. Among big-four economies, Spain reported a robust sales growth of 12.2% in the January to April period.
Meanwhile, sales in Germany decreased 3.3% and that in France slid more sharply by 7.3%. Italy reported a moderate fall of 0.6%.
However, Europe car sales rebounded 1.3% on a yearly basis in April, following a 0.2% fall in March.
April data showed signs of recovery despite the ongoing unpredictable global economic environment, the ACEA said.
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