DAX Edges Higher As Exports Rebound

German stocks traded slightly higher on Wednesday after data showed Germany’s exports rebounded at a faster-than-expected pace in January.

Exports posted a monthly growth of 6.3 percent in January after falling 4.5 percent in the previous month. This was also far better than economists’ forecast of 1.5 percent increase.

Imports advanced 3.6 percent on month, in contrast to the 6.7 percent decrease in December.

Separately, survey results from S&P Global revealed that Germany’s construction sector shrank sharply in February, but the pace of decline slowed from the previous month.

The construction Purchasing Manages’ Index hit a five-month high of 39.1 in February, up from 36.3 in January.

The benchmark DAX was up 26 points, or 0.2 percent, at 17,724 after closing 0.1 percent lower the previous day.

Symrise AG, a maker of flavors and fragrances, jumped 4.2 percent after its 2023 core profit beat estimates.

DHL owner Deutsche Post lost 4.7 percent after a warning that earnings could remain relatively flat this year.

BASF rose more than 2 percent. The company said it is changing the name of two dispersions plants in China.