German stocks rose sharply on Tuesday and bonds dropped after reports that the European Union is considering joint bond sales to help counter the fallout from Russia’s invasion or Ukraine.
There was also cheer on the economic front, with German industrial production growth accelerating unexpectedly in January.
Industrial output advanced 2.7 percent month-on-month, faster than the revised 1.1 percent increase seen in December, Destatis reported. Production was forecast to climb at a slower pace of 0.5 percent.
On a yearly basis, industrial output grew 1.8 percent, in contrast to the 2.7 percent decline posted in the previous month.
The benchmark DAX was up 111 points, or 0.9 percent, at 12,946 after tumbling 2 percent the previous day.
Banks surged, with Commerzbank up 6 percent and Deutsche Bank rallying 3.5 percent.
Automotive and industrial supplier Schaeffler jumped 5.6 percent. The company reported that its net income attributable to shareholders of the parent company for the fiscal year 2021 was 756 million euros compared to a net loss of 428 million euros in the prior year.
DAX Rises Led By Banks
2022-03-08 09:15:19
