DAX Rises On Strong US Data

(RTTNews) - German stocks rose on Thursday as positive data from the United States helped offset worries about the spread of Covid-19 in Europe.

Investors, meanwhile, shrugged off data showing that the German economy expanded slightly less than estimated in the third quarter.

Gross domestic product grew 1.7 percent sequentially in the third quarter, instead of 1.8 percent estimated on October 29, revised data from Destatis showed.

Destatis said the recovery of the German economy thus continued in summer, after the GDP had grown by 2.0 percent in the second quarter.

Compared with the fourth quarter of 2019, the quarter before the coronavirus crisis began, GDP was 1.1 percent lower.

On a yearly basis, calendar-adjusted GDP growth eased markedly to 2.5 percent, in line with preliminary estimate, from 10.0 percent in the second quarter.

The benchmark DAX rose 62 points, or 0.4 percent, to 15,940 after declining 0.4 percent in the previous session.

In corporate news, Jenoptik soared 9.3 percent after the integrated photonics company said it has signed an agreement to sell the VINCORION division to a fund managed by private equity firm STAR Capital Partnership LLP.

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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