DAX Rises On Strong Earnings

(RTTNews) - German stocks traded higher on Wednesday as investors cheered strong earnings from the likes of Siemens Energy, Puma and Henkel.

Market participants shrugged off data showing that Germany's industrial production dropped in March on weak consumer and intermediate goods output.

Destatis reported that German industrial production declined 0.4 percent on a monthly basis, in contrast to the 1.7 percent increase in February.

This was the first drop so far this year and the pace of decline was less severe than the expected 0.6 percent fall.

The benchmark DAX was up 103 points, or 0.6 percent, at 18,533 after climbing 1.4 percent in the previous session.

Siemens Energy soared 11.2 percent. The power equipment maker raised its 2024 guidance after posting strong quarterly results.

Sportswear maker Puma rallied 5.4 percent after Q1 sales met expectations. Consumer goods giant Henkel jumped 2.3 percent after raising its sales and earnings outlook for 2024.

Automaker BMW fell 2.8 percent after it forecast a slight drop in pre-tax profit this year.