German stocks rebounded on Wednesday after suffering heaving losses the previous day on concerns over rising bond yields, political uncertainty in Germany and signs of slowing growth in China.
Earlier in the day, data published by Destatis revealed that Germany’s import price inflation accelerated to the highest since 1981 due to higher energy prices.
Import prices grew 16.5 percent on a yearly basis in August, after rising 15 percent in July. Economists had forecast an annual growth of 16.1 percent.
This was the highest annual rate seen since September 1981, when prices were up 17.4 percent.
The benchmark DAX climbed 127 points, or 0.8 percent, to 15,375 after losing 2.1 percent the previous day.
Banks Commerzbank and Deutsche Bank were seeing modest gains while automakers BMW, Daimler and Volkswagen rose about 2 percent each.
GEA Group shares rallied 2.7 percent after the food industry system supplier presented its “Mission 26” strategy in London as part of its Capital Markets Day.
Market Analysis
DAX Rebounds After Heavy Selloff
2021-09-29 09:15:59
