DAX Rises Amid Earnings Deluge

(RTTNews) - German stocks rose on Wednesday as investors parsed through a slew of corporate earnings and looked forward to further progress in U.S. stimulus talks.

On the economic front, data showed that Eurozone business activity returned to modest growth in July.

The final Composite Purchasing Managers' Index (PMI) from IHS Markit rose to 54.9 in July from June's 48.5.

The benchmark DAX rose 72 points, or 0.6 percent, to 12,673 after declining 0.4 percent the previous day.

Tech stocks were moving up, with Dialog Semiconductor surging 4 percent and Infineon Technologies adding 1.7 percent.

Residential real estate company Vonovia rallied 3 percent. The company confirmed its guidance for the year after reporting an 8 percent rise in first-half core profits.

Automaker BMW tumbled 3.2 percent after it swung to a 666 million billion euros ($786 million) loss before interest and taxes in the quarter ending June.

Continental advanced 1.6 percent. The auto parts supplier swung to a loss in the second quarter and said that there are still big economic uncertainties.

Commerzbank jumped 4.5 percent. The bank revised outlook for the full-year due to losses tied to the Wirecard AG scandal.

Logistics group Deutsche Post climbed 2.5 percent after its second quarter sales beat estimates.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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