DAX Rises As Automakers Surge On Positive Data
(RTTNews) - German stocks advanced on Monday after data showed industrial production in the country rose more than expected in February, helped by a recovery in the construction and car industry.
Industrial output posted a monthly growth of 2.1 percent, following a revised 1.3 percent rise in January, Destatis reported. This was much faster than economists' forecast of 0.3 percent expansion.
On a yearly basis industrial production plunged 4.9 percent after easing 5.3 percent a month ago.
Investors shrugged off separate data showing that Germany's exports dropped 2.0 percent month-on-month in February, in contrast to the 6.3 percent increase in January.
On a yearly basis, exports slid 1.2 percent, reversing a 1.6 percent rise. At the same time, the annual fall in imports slowed to 6.7 percent from 7.5 percent.
The benchmark DAX was up 79 points, or 0.4 percent, at 18,254 after losing 1.2 percent on Friday.
Automaker BMW gained 1.3 percent, Mercedes Benz climbed 2.5 percent and Volkswagen added 1 percent.
Online fashion retailer Zalando jumped 4.5 percent after brokerage Citigroup raised its rating on the stock.
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