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DAX Rallies As China Unveils Aggressive Stimulus

September 24, 2024 — 05:09 am EDT

Written by RTTNews.com for RTTNews

(RTTNews) - German stocks advanced on Tuesday after China unleashed a swath of stimulus measures including cuts to its benchmark interest rate to put the economy out of its deflationary funk and back towards the government's growth target.

The benchmark DAX was up 166 points, or 0.9 percent, at 19,013 after climbing 0.7 percent in the previous session.

In corporate news, travel firm TUI AG rose 1.3 percent after reaffirming its full-year earnings guidance.

Nordex SE gained 1 percent. The wind turbine maker announced that it has been tapped to supply and install 41 turbines for a 147.6-MW wind project in Poland.

Knorr-Bremse rose 0.7 percent. The manufacturer of braking systems for rail and commercial vehicles said it has issued a dual tranche bond of 1.1 billion euros with maturities of five and eight years.

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