(RTTNews) - The German market is up firmly in positive territory Wednesday morning, with its benchmark index hovering around a four-week high.
Investors are reacting to reports of a leadership change at the European Central Bank.
A Financial Times report said Christine Lagarde plans to leave the European Central Bank before her eight-year term as president expires in October 2027.
The benchmark DAX is up 191.50 points or 0.77% at 25,196.84 about half an hour before noon.
Siemens is up more than 4%. Siemens Energy is gaining 2.7% and Commerzbank is rising 2.5%. Heidelberg Materials is advancing 1.8%, while Infineon Technologies, Rheinmetall, Porsche Automobil Holding and SAP are up 1%-1.2%.
RWE, E.ON, Deutsche Bank, Daimler Truck Holding, Allianz, Siemens Healthineers, Beiersdorf, Mercedes-Benz and Henkel are also up in positive territory.
Bayer has tanked 8%, weighed down by the company's announcement of a proposed $10.5 billion settlement to resolve ongoing litigation over its Roundup weedkiller.
Brenntag is declining by about 4.7%, and Zalando is down 2.7%. BASF is down with a loss of 1.7%. Qiagen, Adidas, Scout24 and Deutsche Telekom are down with moderate losses.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
