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DAX Pares Some Gains After Hitting New High
(RTTNews) - The German market has climbed to a fresh record high on Monday with stocks moving up sharply, buoyed by the positive developments on the trade front.
Following negotiations in Switzerland over the weekend, the U.S. and China struck a deal over the weekend to suspend tariffs for 90 days and slash rates going forward.
As per the announcement by the two countries, the U.S. tariffs on Chinese goods will fall to 30% from 145% while Chinese duties on U.S. imports will fall to 10% from 125%.
The benchmark DAX, which climbed to a new high at 23,924.05, pared some gains subsequently, but was still up with a strong gain of 250.98 points or 1.07% at 23,740.42 a little while ago.
Infineon is gaining more than 8%, Daimler Truck Holding is up 6.7%, Siemens, Mercedes-Benz, BASF and Puma are advancing 5.3 to 5.5%.
Deutsche Post, Porsche, BMW, Siemens Healthineers and Adidas are up 4 to 5%. Deutsche Bank, Continental, Volkswagen, Henkel, Brenntag, Siemens Energy and Commerzbank are up 2 to 3.1%. Zalando, Heidelberg Materials, Merck and MTU Aero Engines are also notably higher.
Rheinmetall is down nearly 5%. E.On and Vonovia are down 3.7% and 3.4%, respectively. Shares of steelmaker Salzgitter AG is down more than 3% after the company reported a loss in its first quarter on weak prices.
Symrise, Deutsche Telekom, Qiagen and Deutsche Boerse are also notably lower.
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