German stocks rallied on Thursday after China’s top leaders ramped up urgent efforts to revive growth with pledges to support fiscal spending and stabilize the beleaguered property sector.
Investors also cheered survey data published jointly by GfK and the Nuremberg Institute for Market Decisions showing that German consumer confidence will recover moderately in October despite weaker economic outlook.
The forward-looking consumer sentiment index rose to -21.2 in October from -21.9 in September. The score was forecast to fall to -22.4.
The slight improvement in the consumer climate after a severe setback in the prior month can be interpreted as stabilization at a low level, NIM consumer expert Rolf Burkl said.
The benchmark DAX was up 244 points, or 1.3 percent, at 19,162 after declining 0.4 percent in the previous session.
In corporate news, chemicals giant BASF fell 2.6 percent after announcing a reduction in its dividend.
Sportswear maker PUMA soared 4.3 percent as it announced the appointment of Markus Neubrand, aged 48, as its Chief Financial Officer and a Board member.
Lender Commerzbank was up nearly 5 percent. The bank, which is the takeover target of Italian lender UniCredit SpA, confirmed its strategy, expecting higher net profit and return on equity by 2027.
Siemens Energy edged up slightly after extending the contract of chief executive Christian Bruch (pictured) for a further five years until April 2030.
SMA Solar Technology AG shares surged nearly 6 percent. The solar energy equipment supplier said that it has decided to initiate a company-wide restructuring and transformation program aimed at increasing efficiency and strategic focusing.
Evotec jumped 6.6 percent after the drug and development company entered into a technology development partnership with Novo Nordisk.
DAX Rallies As China Steps Up Economic Support
2024-09-26 09:02:30
