German stocks advanced on Thursday after a survey showed the country’s business confidence improved more-than-expected in June.
ifo Institute’s business climate index rose to 101.8 in June from 99.2 in the previous month. The score was expected to rise moderately to 100.6. According to ifo, both current assessment as well as expectations improved in June.
The benchmark DAX climbed 99 points, or 0.6 percent, to 15,555 despite mixed messages from Federal Reserve officials on the rate outlook. The index lost 1.2 percent in the previous session.
Banks gained ground as bond yields recovered. Commerzbank rose 0.7 percent and Deutsche Bank added 0.8 percent.
Oracle announced today a multi-year collaboration with Deutsche Bank to modernize the bank’s database technology and accelerate its digital transformation.
Under the agreement, Deutsche Bank will upgrade its existing database systems and migrate the bulk of its Oracle Database estate to Oracle Exadata Cloud@Customer.
Industrial giant Siemens was marginally higher after presenting a new growth strategy and increasing its revenue growth target.
DAX Inches Higher As Business Confidence Jumps
2021-06-24 09:01:50
