German stocks advanced on Wednesday despite concerns that the fast-spreading Omicron variant Covid-19 variant could upend economic activity in the winter months.
Growing concerns over the new omicron variant could make people wary about returning to in-person jobs, slow the recovery of the labor market and prolong the supply-chain bottlenecks that have contributed to the highest inflation in more than three decades, warned Federal Reserve Chair Jerome Powell in testimony before the Senate Banking Committee.
The benchmark DAX rose 113 points, or 0.8 percent, to 15,212 after losing 1.2 percent the previous day.
Cyclicals advanced, with banks Commerzbank and Deutsch Bank rising 2-3 percent.
LEG Immobilien was moving lower after the property company announced separate agreements to acquire 30.9 percent stake in Brack Capital Properties N.V. or BCP, an Israeli real estate company.
DAX Rises Led By Banks
2021-12-01 09:03:09
