German stocks advanced on Monday as hopes for a strong euro zone economic recovery outweighed concerns over fresh regulatory crackdown on Chinese firms.
In economic releases, German wholesale prices grew at the fastest pace since 1974 in August amid sharp increases in raw material and intermediate product prices, Destatis reported.
Wholesale prices increased 12.3 percent on a yearly basis, following July’s 11.3 percent in July. This was the strongest growth since October 1974, when prices were up 13.2 percent in the wake of the first oil crisis.
On a monthly basis, wholesale price inflation slowed to 0.5 percent in August from 1.1 percent in July.
The benchmark DAX climbed 103 points, or 0.7 percent, to 15,712 after ending marginally lower on Friday.
Online pet supplies’ retailer Zooplus AG jumped 8.4 percent. Zorro Bidco, a holding company controlled by funds advised by Hellman & Friedman, raised its takeover offer for the company to 3.29 billion euros ($3.89 billion) from an initial offer of 3 billion euros.
Patrizia AG, a partner for global real assets, soared almost 4 percent. The company has entered into a share purchase agreement for the transformational acquisition of Whitehelm, an independently owned infrastructure manager.
Re-insurer Hannover Re AG rose 1.2 percent after saying it anticipates a continuing trend towards higher prices and improved conditions in property and casualty reinsurance for the various rounds of renewals in 2022.
United Internet tumbled 3.8 percent. The company said that its Management Board resolved to prematurely terminate the share buyback program as of the end of September 13, 2021.
DAX Climbs On Recovery Hopes
2021-09-13 09:02:14
