(RTTNews) - German stocks are up firmly in positive territory Friday morning amid progress in U.S.-China trade talks ahead of the July 9 deadline. Easing concerns about Middle East tensions contribute as well to the positive mood in the market.
U.S. Commerce Secretary Lutnick stated that a U.S.-China trade deal outlined in Geneva has been finalized and it could be signed during the next round of talks in London in early July.
Meanwhile, a ceasefire between Israel and Iran continue to hold, easing concerns over global supply chains.
The benchmark DAX was up 219.25 points or 0.93% at 23,849.53 a little while ago.
Adidas is rising nearly 4%. Porsche is up 3.1% and Daimler Truck Holding is climbing nearly 3%. Sartorius and BMW are up 2.7% and 2.5%, respectively.
Heidelberg Materials, Siemens and Bayer are up 1.8 to 2.1%. Mercedes Benz and MTU Aero Engines are up by a little over 1.5% from their previous closing levels.
SAP, Vonovia, Deutsche Post, Volkswagen, BASF, Continental, Beiersdorf, Brenntag, Merck and Porsche Automobil Holding are also up with notable gains.
Rheinmetall is down by about 2.7%. Commerzbank is down with a modest loss of 0.4%.
The European Commission is set to release euro area economic sentiment survey results this morning. The indicator is seen at 95.1 in June, up from 94.8 in the previous month.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
