DAX Climbs On China Optimism
(RTTNews) - German stocks rose notably on Tuesday after China halved the length of mandatory quarantine for inbound travelers, in the biggest relaxation of entry restrictions after sticking to a rigid COVID policy throughout the pandemic. Investors shrugged off weak consumer confidence data and looked ahead to ECB President Christine Lagarde's speech later in the day for directional cues.
Germany's consumer confidence dropped to a new record low in July as consumers see the risk of the economy slipping to a recession, survey results from the market research group GfK showed.
The consumer confidence index fell to -27.4 in July from revised -26.2 in June. The score was forecast to fall to -27.6.
The ongoing war in Ukraine and disrupted supply chains are lifting energy and food prices in particular, and make the consumer climate gloomier than ever, Rolf Bürkl, GfK consumer expert said.
The benchmark DAX jumped 103 points, or 0.8 percent, to 13,289 after rising half a percent in the previous session.
Volkswagen gained about 1 percent. The automaker is close to selling a minority stake in its U.S. electric-vehicle charge business to an arm of Siemens, the Wall Street Journal reported.
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