Markets

DAX Rises With Automotive Recovery

(RTTNews) - German stocks followed regional peers higher on Friday as investors cheered signs of recovery in the automobile sector. The positive movement comes after steep losses in the previous session.

The European Automobile Manufacturers Association, or ACEA, reported that Europe's passenger car sales grew for the first time this year in September, with Germany recording 8.4 percent growth in registrations in the month.

Markets still remain concerned about the growth outlook against the backdrop of stalled vaccine trails, U.S. Stimulus uncertainty and the slow progress in Brexit talks.

The benchmark DAX gained 83 points or 0.66 percent at 12787, after a 2.5 percent plunge in the previous session.

The pan European Stoxx 600 was trading up 0.71 percent, France's CAC 40 index up 1.2 percent, and the U.K.'s FTSE 100 was up 0.7 percent.

On the corporate front, auto major Daimler stock gained 3.4 percent after the company reported that its third-quarter earnings were significantly above market expectations, and that it expects positive impact for the remainder of the year 2020.

Peer Volkswagen's stock also gained 1 percent after it recorded 3.3 percent rise in worldwide deliveries, and BMW stock was up 0.7 percent.

Among others, payment processor and financial services provider Wirecard's shares were surging 25.4 percent and steel giant Thyssenkrupp's stock gained 14.7 percent.

Sports company Adidas shares gained 2.5 percent, and Continental's stock went up 2.2 percent. Consumer products company Henkel gained 1 percent.

Losers of the day include airline Lufthansa with a drop of 2.4 percent, and Allianz fell 0.4 percent. Chemical company BASF was down 3.4 percent.

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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