German stocks advanced on Monday as Beijing and Brussels took the “first step” towards resolving a months-long trade dispute over Chinese electric cars with new talks.
Investors shrugged off survey results from the ifo Institute showing that Germany’s business sentiment softened in June.
The business confidence index fell to 88.6 in June from 89.3 in May. Analysts has forecast a score of 89.7.
Assessment of current situation remained unchanged, while expectations among companies deteriorated in June.
The benchmark DAX was up 104 points, or 0.6 percent, at 18,267 after declining half a percent on Friday.
Automakers BMW, Mercedes Benz and Volkswagen rallied 2-3 percent after China and the European Union have agreed to start talks on the bloc’s plans to impose tariffs on electric vehicles imported from the Asian nation.
Online retailer Zalando plunged 6.4 percent after Morgan Stanley cut its rating on the stock to “equal weight” from “overweight”.
Market Analysis
DAX Gains As Automakers Surge
2024-06-24 08:52:09
