DAX Rises 1.5% As Stocks Move Higher On Ukraine Ceasefire Hopes
(RTTNews) - After three successive days of declines, German stocks are up in positive territory Wednesday morning with investors reacting to news that Ukraine has signaled its readiness to accept a U.S. proposal for an "immediate, interim 30-day ceasefire" with Russia.
"A while ago, Ukraine has agreed to the ceasefire. Now we go to Russia and hopefully President Putin will agree to it also," U.S. President Trump said soon after the Jeddah announcement.
On the tariff fron, Russia and the European Union have announced retaliatory tariffs on U.S. imports of steel and aluminum.
The benchmark DAX was up 334.34 points or 1.5% at 22,651.20 a little while ago.
Siemens Energy is climbing up 5.3% and Rheinmetall is rising nearly 5%. Heidelberg Materials is up 3.5%, while Siemens, Commerzbank, MTU Aero Engines, Muench. Rueckvers, Hannover Rueck, Deutsche Bank and Allianz are up 2 to 3%.
Fresenius, RWE, BASF, Deutsche Post, Fresenius Medical Care, Deutsche Boerse and SAP are also noably higher.
Shares of sportswear maker PUMA SE are down 22.7% as the group gave a cautious outlook for the 2025 fiscal year, citing global trade tariffs and currency volatility.
Looking ahead, for fiscal 2025, the company projects adjusted EBIT excluding one-time costs in a range between 520 million euros and 600 million euros. Currency-adjusted sales growth is projected at low- to mid-single digit percentage rate.
In fiscal 2024, EBIT was 622 million euros with an EBIT margin of 7.1%, and currency-adjusted sales growth was 4.4%.
Porsche is down 3.7% after slashing profit targets for fiscal 2025. The company reported weak operating profit in fiscal 2024 amid lower sales and deliveries. The lower results were mainly due to the continuing market challenges in China.
In fiscal 2024, operating profit was 5.64 billion euros, down 22.6% from last year's 7.28 billion euros. Operating return on sales was 14.1%, lower than prior year's 18.0%.
Henkel and Zalando are down 1.5% and 1.3%, respectively. Brenntag is down marginally. The chemical maker said that its profit attributable to shareholders for financial year 2024 declined to 536.2 million euros or 3.71 euros per share from 714.9 million euros or 4.73 euros per share in the prior year.
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