DAX Rallies On China Optimism
(RTTNews) - German stocks rallied on Friday after China reported improved economic data and the People's Bank of China said that it was cutting the amount of cash that banks need to have on hand by 25 basis points. It was the second reserve requirement ratio cut this year since one in March.
The benchmark DAX was up 160 points, or 1 percent, at 15,965 after gaining 1 percent in the previous session.
Banks Commerzbank and Deutsche Bank were seeing modest gains, a day after the European Central Bank signaled its latest interest rate hike could be its last.
Automaker Renault rose 1.6 percent on expectations that it could gain if the EU imposed tariffs on Chinese electric car imports.
Bayer rose 1.1 percent on news that its new CEO plans to cut management jobs as part of efforts to overhaul the embattled industrial group.
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