Markets

DAX Rises Led By Automakers

(RTTNews) - German stocks advanced on Monday after a private survey showed China's factory activity expanded at the fastest pace decade in July, helping ease worries about the Covid-19 pandemic on the global economy.

Closer home, German manufacturers saw in July an expansion in activity for the first time since December 2018, a survey showed. The IHS Markit's final PMI for manufacturing rose to 51.0 in July from 45.2 in June.

The benchmark DAX inched up 118 points, or nearly 1 percent, to 12,431 after declining half a percent on Friday.

Automakers advanced across the board amid signs of a broader recovery from the coronavirus crisis in China. BMW rose half a percent, Daimler gained 1.4 percent and Volkswagen climbed 2 percent.

Banks Commerzbank and Deutsche Bank traded mixed after a warning from Europe's biggest lender HSBC over rising bad loans.

Holiday company TUI AG declined 1.4 percent after it agreed a sale and leaseback deal for five new Boeing 737 MAX-8 aircraft with BOC Aviation.

Siemens Healthineers slumped 5 percent after it agreed to buy U.S. firm Varian Medical Systems for $16.4 billion.

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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