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DAX Rebounds Ahead Of US Jobs Data
(RTTNews) - German stocks rebounded on Friday as investors anxiously await a key U.S. monthly jobs report later in the day that will give more information about the state of the world's largest economy.
Meanwhile, market participants shrugged off data showing that German exports dropped for the first time in four months in July.
Exports decreased 2.1 percent on a monthly basis, in contrast to the 4.2 percent increase in June, Destatis reported. This was the first decrease in four months and slower than economists' forecast of -2.3 percent.
The benchmark DAX jumped 178 points, or 1.4 percent, to 12,809 after falling 1.6 percent the previous day.
Food and beverages company GEA Group AG gained 1 percent. The company said it is investing 70 million euros to construct a new pharmaceutical technology center for freeze dryers in Germany.
Automakers advanced, with Volkswagen climbing more than 3 percent. Tech stocks rebounded, with Infineon Technologies rising 1.1 percent.
Airline Lufthansa rallied nearly 3 percent despite a pilots' strike.
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