German stocks rallied on Tuesday after China’s central bank lowered its reserve requirement ratio for the second time this year in order to support growth that is widely expected to weaken at the end of the year. The bank had reduced the RRR by 0.5 percentage points in July.
Sentiment was also boosted after data showed German industrial production recovered at a faster than expected pace in October.
Industrial production grew 2.8 percent on a monthly basis in October, reversing a 0.5 percent fall in September, Destatis reported. Production was forecast to grow 0.8 percent.
The benchmark DAX climbed 253 points, or 1.7 percent, to 15,634 after rising 1.4 percent in the previous session.
Nordex jumped 3.4 percent after it received a 47MW turbine order for a wind project in Sweden from regular customer WPD.
Symrise gained about 1 percent. The supplier of fragrances, flavors, food, nutrition and cosmetic ingredients has signed a purchase agreement for the acquisition of Giraffe Foods Inc. Based in Mississauga, Ontario, Canada.
DAX Rallies As China Cuts Reserve Requirement Ratio
2021-12-07 09:10:38
