DAX Rises On Strong Factory Orders Data
(RTTNews) - German stocks moved higher on Friday with stronger than expected factory orders data aiding sentiment. Hopes of an interest cut by the Federal Reserve next week contributed as well to the upside.
The benchmark DAX was up 136.15 points or 0.57% at 24,030.51 a few minutes before noon.
MTU Aero Engines and Zalando both moved up nearly 2.5%. Adidas, BASF, Siemens Energy and Scout24 climbed 2 to 2.2%.
Deutsche Boerse, Infineon Technologies, Fresenius Medical Care, Siemens, BMW, Symrise and Siemens Healthineers gained 1 to 1.7%.
RWE drifted down 1.25%. Rheinmetall, Hannover Rueck, Munich RE and E.ON lost 0.6 to 1%.
Data from Destatis showed Germany's factory orders grew more than expected in October on robust domestic demand, rising by 1.5%. Although the pace of growth softened from the revised 2% rise posted in September, it was much faster than economists' forecast of 0.3%.
On a yearly basis, factory orders dropped 0.7%, following a 3.4% decrease in September.
The monthly growth was driven by the 9.9% expansion in domestic orders. Foreign orders decreased 4% due to the 6.5% drop in orders from outside the euro area. Demand from the Eurozone was up 0.1%.
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