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DAX Rises In Cautious Trade


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(RTTNews.com) - German shares eked out modest gains on Thursday as oil steadied after steep overnight losses and the dollar advanced on optimism over progress by Congress on tax legislation.

The benchmark DAX was up 39 points or 0.30 percent at 13,037 in late opening deals after declining 0.4 percent in the previous session.

Volkswagen shares rallied 2.3 percent. The former general manager of the company's U.S. Environment and Engineering Office has been sentenced to seven years in prison and a $400,000 fine, after admitting he helped the firm evade clean-air laws.

Chemicals giant BASF slid half a percent after signing a long-term agreement with Mitsui Chemicals Agro for the commercialization of Broflanilide, a new insecticide for chewing crop pests and non-crop pests control.

Energy firm Uniper lost 1 percent despite confirming its earnings outlook for the current year and promising higher dividend next year.

In economic releases, German industrial production fell 1.4 percent month-on-month in October, following a revised 0.9 percent drop in September, data from Destatis showed. Production was forecast to rebound 0.9 percent.

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This article appears in: Stocks , World Markets , Politics
Referenced Symbols: SNH ,


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