DAX Up Nearly 1% On Trade Deal Hopes; Auto Stocks Rally
(RTTNews) - German stocks are up on Wednesday, rebounding from recent losses, as prospects of a trade agreement between the U.S. and EU increased after U.S. President Donald Trump announced trade deals with Japan and Philippines.
"We have Europe coming in tomorrow, and the next day, we have some other ones coming in," Trump said late on Tuesday, without specifying details.
The benchmark DAX was up 234.79 points or 0.97% at 24,261.96 a little while ago.
Auto stocks are leading the charge up north. Porsche is gaining about 7.5%. Volkswagen is up 6.5%, Mercedes-Benz is climbing up 6%, Daimler Truck Holding is advancing 5.8%, Porsche Automobil Holding is rising 5.3% and BMW is rallying 5.2%.
Deutsche Post is gaining 3.75%. Brenntag, Deutsche Bank, Siemens, Continental, BASF, Beiersdorf, Qiagen, Henkel, Allianz, Hannover Rueck, Siemens Healthineers, Bayer, Munich RE and Heidelberg Materials are up 1.5 to 3%.
SAP is down more than 3%. The company maintained its full-year targets despite reporting higher quarterly sales and earnings.
E.ON is down nearly 2%, Infineon Technologies is down 1.7% and Adidas is lower by about 1%. RWE and Vonovia are also down in negative territory.
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