German shares advanced on Wednesday as software group SAP raised its full-year outlook for a third time after a strong showing in the third quarter.
The benchmark DAX climbed 102 points, or 0.7 percent, to 15,248 after declining 0.3 percent on Tuesday.
SAP jumped 4.6 percent on saying it is seeing strong growth in current cloud backlog across its cloud portfolio.
Hannover Re declined 1.4 percent. The re-insurance company said it is committing to achieve net zero emissions in business operations by 2030 and in its reinsurance portfolio and investments by 2050.
Apple supplier Infineon Technologies climbed 1.2 percent despite a Bloomberg report that Apple Inc. is likely to slash production of its iPhone 13 by as many as 10 million units due to the global chip shortage.
Investors await U.S. consumer price inflation data later in the day to gauge the Federal Reserve’s path on normalizing policy.
Market Analysis
DAX Rises As SAP Lifts Full-year Outlook
2021-10-13 09:02:53
