DAX Gains With Industrial Production Data In Focus
2024-08-01
1427
(fxcue news) - German stocks advanced on Wednesday after data showed Germany's industrial production recovered in June.
Industrial output grew 1.4 percent on month in June, according to data from Destatis. Production was expected to climb 1.0 percent after declining by revised 3.1 percent in May.
On a yearly basis, industrial production logged a 4.1 percent drop, slower than May's 7.2 percent decrease.
Germany's exports declined more than expected in June, while imports posted a moderate recovery, separate set of data revealed.
Exports decreased 3.4 percent month-on-month in June after easing 3.1 percent in May. Imports gained 0.3 percent, in contrast to the 5.5 percent decline in May.
The benchmark DAX was up 134 points, or 0.8 percent, at 17,488 after finishing marginally higher the previous day.
In corporate news, car parts maker Continental surged 4.5 percent after announcing solid Q2 results.
Sportswear maker Puma plunged 14 percent after trimming its full-year profit forecasts.
Lender Commerzbank plummeted 5.8 percent after reporting a drop in quarterly profit.
Nivea maker Beiersdorf fell 2.7 percent as Q2 earnings missed estimates.
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