German stocks advanced on Friday as sportswear maker Adidas raised its sales outlook and data showed German companies increased exports for the eleventh month in a row in March.
The benchmark DAX jumped 130 points, or 0.9 percent, to 15,327 after rising 0.2 percent the previous day.
Adidas surged 7.6 percent as the company raised its 2021 sales outlook despite ongoing lockdowns in Europe.
Similarly, automation company Siemens rallied 2.8 percent after lifting its revenue and profit guidance for the year.
Automaker BMW rose 0.6 percent after reiterating its full-year profit margin outlook.
In economic releases, Germany’s industrial production recovered at a faster than expected pace in March, data from Destatis revealed.
Industrial production grew 2.5 percent month-on-month in March, reversing a 1.9 percent fall in February. Output was forecast to climb 2.3 percent. On a yearly basis, industrial production advanced 5.1 percent, in contrast to a 6.8 percent fall in February.
Another report revealed that German exports growth accelerated unexpectedly in March.
Exports increased 1.2 percent on a monthly basis in March, while economists had forecast the growth to ease to 0.5 percent from 1 percent in February.
At the same time, imports growth rose sharply to 6.5 percent from 3.6 percent a month ago. This was the second consecutive increase and far exceeded the economists’ forecast of 0.7 percent.
Year-on-year, exports advanced 16.1 percent, reversing a 1.2 percent fall in February and imports rose 15.5 percent after a 0.9 percent rise.
Market Analysis
DAX Rises On Strong Exports Data, Earnings
2021-05-07 08:52:40
