(RTTNews) - German stocks rose on Wednesday as investors cheered positive updates on a potential Covid-19 vaccine and pinned hopes on EU stimulus.
EU leaders are set to meet later this week for an extraordinary summit and it is expected that they will agree on a recovery fund of 750 billion euros for pandemic-hammered economies.
The benchmark DAX climbed 110 points, or 0.87 percent, to 12,807 after losing 0.8 percent the previous day.
Travel & leisure stocks were moving higher, with Lufthansa rising 2 percent and TUI adding 3 percent.
Medical and safety technology provider Draegerwerk AG & Co. KGaA soared as much as 10 percent. The company reported that its preliminary net sales for the second quarter increased by 26.5 percent (net of currency effects) to 788.4 million euros from last year.
Considering the high demand due to the Covid-19 pandemic, the company expects full year net sales and EBIT to be considerably above both the prior year and the original guidance.
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