(RTTNews) - German stocks rose on Monday amid hopes of a broader economic recovery after U.S. lawmakers approved a budget outline that will allow them to muscle President Biden's $1.9 trillion Covid-19 relief package through in the coming weeks without Republican support.
The benchmark DAX inched up 73 points, or half a percent, to 14,130 after finishing marginally lower on Friday.
Metro AG shares rallied 2.2 percent. The wholesale retailer is set to appoint Steffen Greubel as new chief executive of the company with effect from May 2021.
1&1 Drillisch AG surged 6.2 percent. The telecommunications company said that its subsidiary, Drillisch Online GmbH, has received the arbitral award in the arbitration proceedings regarding Price Review 1 under the existing MBA MVNO agreement with Telefónica.
Dialog Semiconductor shares soared as much as 16 percent. The chip designer confirmed that it is in advanced discussions with Renesas Electronics Corp. regarding a possible all cash offer of 67.50 euros per Dialog share for Dialog.
In economic news, Germany's industrial production remained flat in December, data from Destatis revealed.
Industrial production was unchanged compared to previous month, following a revised 1.5 percent rise in November. Economists had forecast a 0.3 percent rise for December.
On a yearly basis, the decline in industrial output eased to 1 percent from 2.5 percent a month ago.
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