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DAX Rebounds On Strong Industrial Orders Data
(RTTNews) - German stocks rebounded on Wednesday after data showed the country's factory orders unexpectedly expanded in May underpinned by the rise in demand from the non-euro area countries.
New orders grew 0.1 percent month-on-month in May, reversing the trend after a third consecutive monthly drop, Destatis reported.
That was in contrast to the revised 1.8 percent decline in April and the expected fall of 0.6 percent.
On a yearly basis, factory orders declined 3.1 percent, slower than the April's 5.3 percent decrease.
Elsewhere, a survey conducted by the ifo Institute revealed that German retailers are bracing themselves for supply problems to persist for another full year.
Investors await the release of the Eurozone retail sales data for May later in the day for further direction.
The benchmark DAX jumped 160 points, or 1.3 percent, to 12,561 after plunging 2.9 percent in the previous session.
Evotec AG advanced 1.8 percent. The German drug discovery and development company, Boehringer Ingelheim and bioMérieux have established a joint venture Aurobac Therapeutics SAS, with an investment of 40 million euros.
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