DAX Rises After Five-day Losing Streak
(RTTNews) - German stocks are snapping a five-day losing streak and are up firmly in positive territory on Thursday, with stronger-than-expected earnings update and outlook from Nvidia easing concerns about valuations of AI-related companies.
Meanwhile, investors awaiting U.S. jobs data for possible clues about Federal Reserve's interest rate moves.
The benchmark DAX, which climbed to 23,454.15, was up 198.51 points or 0.86% at 23,402.65 about a quarter past noon.
Rheinmetall is surging 5.4%. Siemens Energy is up 5.1%, while Qiagen, RWE and GEA Group are gaining 2.75%, 2.5% and 2.3%, respectively.
Commerzbank is advancing nearly 2%. MTU Aero Engines, Allianz, Heidelberg Materials, Fresenius, E.ON and Infineon Technologies are also up with impressive gains.
German wind manufacturer Nordex is up 2% on securing a fresh order to supply and install 12 N133/4.8 wind turbines at the Drumnahough Wind Farm in Donegal, Ireland.
Volkswagen, Adidas, BASF, Porsche Automobil Holding, Mercedes-Benz, BMW and Daimler Truck Holding are down 0.7 to 1.4%.
Data from Destatis showed Germany's producer prices fall in October, dropping for an eighth consecutive month. Producer prices dropped 1.8% year-on-year in October, slightly faster than the 1.7% fall in September. The drop was less severe than economists' forecast of 1.9%.
On a monthly basis, producer prices edged up 0.1%, while expectations were for a nil growth.
A report from Eurostat showed Eurozone construction output declined for the second straight month in September, falling by 05%, following a 0.2% decline in August. On a yearly basis, construction output dropped 0.3%, in contrast to the 1% increase in August.
