World Markets

DAX Extends Gains On Trade Deal Hopes

(RTTNews.com) - German stocks rose on Wednesday to extend gains from the previous session amid further signs of progress in U.S.-China trade talks.

The benchmark DAX was up 83 points or 0.77 percent at 10,887 in opening deals after gaining half a percent the previous day.

BASF shares advanced 0.7 percent. As per an article published in Reuters, the chemical company is in the process of finding a buyer for its plastics business to salvage the pending deal with Solvay's polyamide business.

Suedzucker added 0.6 percent. CropEnergies AG, a unit of the German sugar producer, backed its forecast for fiscal 2018 after reporting lower earnings and revenues for the first nine months of the financial year 2018, as expected.

Uniper gained 0.8 percent on receiving a contract from grid operator TenneT to build a gas power plant with a capacity of 300 megawatts in Irsching near Ingolstadt.

In economic releases, Germany's merchandise trade surplus unexpectedly grew in November to its biggest level in five months despite weaker exports, preliminary data from the Federal Statistical Office showed.

The non-adjusted trade surplus grew to EUR 20.5 billion from EUR 18.9 billion in October. Economists had expected a surplus of EUR 18.6 billion.

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