German shares rose slightly on Thursday amid earnings optimism after ThyssenKrupp reported optimistic forecasts for its 2022 fiscal year despite supply bottlenecks for semiconductors and other starting products.
The benchmark DAX was up 34 points, or 0.2 percent, at 16,285 after ending marginally higher the previous day.
ThyssenKrupp surged 4.5 percent. The industrial conglomerate said sales and orders recovered in the fourth quarter on the back of increased steel prices.
For fiscal 2022, the company expects net income of at least 1 billion euros, which would be the highest since fiscal year 2007/2008.
Automakers BMW, Daimler and Volkswagen rose between half a percent and 2 percent even as industry data showed European new car registrations fell at a faster double-digit pace in October.
Passenger car sales plunged 30.3 percent year-on-year, marking the fourth consecutive fall this year as the shortage of semiconductors weighed on auto production, the European Automobile Manufacturers Association said.
Market Analysis
DAX Inches Higher On Earnings Optimism
2021-11-18 08:52:11
