German stocks advanced on Monday after the U.S. and Russian leaders agreed in principle to hold talks on Ukraine, offering a possible path out of one of the most dangerous European crises in decades.
Investors shrugged off data showing that German producer price inflation hit a record high in January on energy prices.
Producer prices increased 25.0 percent year-on-year in January, following December’s 24.2 percent rise. This was the highest annual increase since the survey began in 1949. Economists had forecast producer prices to climb 24.2 percent again.
The benchmark DAX climbed 0.7 percent to 15,151 after declining 1.5 percent on Friday.
Hannover Re gained 1.3 percent. The re-insurer said it has transferred altogether 11 catastrophe bonds with a volume of more than $2.7 billion to the capital market for its clients in fiscal 2021, higher than previous year’s $1.6 billion.
Airline Lufthansa rallied 2.5 percent after saying it will suspend flights to Ukraine capital Kyiv from Monday.
Market Analysis
DAX Climbs On News Of Biden-Putin Talks
2022-02-21 09:11:50
