German stocks rallied on Wednesday amid hopes of progress in Russia-Ukraine peace talks even as Russia escalated its bombardment of the Ukrainian capital and launched new assaults on the port city of Mariupol.
Investors were tracking a sharp rebound in mainland China and Hong Kong shares after China pledged to support its economy.
The benchmark DAX jumped 345 points, or 2.5 percent, to 14,263 after closing 0.1 percent lower in the previous session.
Utility E.ON rose 1.4 percent. The company reported that its net income attributable to shareholders of the company for fiscal year 2021 climbed to 4.69 billion euros from last year’s 1.02 billion euros, reflecting asymmetrical valuation effects on unrealized sales and procurement transactions as a result of sharp increases in commodity prices.
BMW advanced 1.7 percent despite the carmaker lowering its profit margin expectations for its automotive segment for 2022.
Market Analysis
DAX Rallies As China Pledges Support
2022-03-16 09:07:45
