German stocks edged higher on Friday as strong corporate earnings offset worries about inflation and higher interest rates.
The benchmark DAX edged up 37 points, or 0.2 percent, to 15,499 after climbing 1.4 percent in the previous session.
Banks were the top gainers after JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Morgan Stanley — all have beaten quarterly earnings expectations.
Commerzbank rose about 1 percent and Deutsche Bank rallied 2.2 percent.
Medical and safety technology provider Draegerwerk AG rose about half a percent. The company reported that preliminary third-quarter EBIT dropped to around 48 million euros, from 126.7 million euros, due to lower sales in connection with the coronavirus pandemic and the lower gross profit margin.
Fashion retailer Hugo Boss advanced 1.6 percent. The company raised its outlook for the current year after reporting over 40 percent growth in group sales for the third quarter, mainly due to the particularly strong development of business in Europe and America.
Market Analysis
DAX Extends Gains On Earnings
2021-10-15 08:58:47
