German stocks were sharply higher on Friday as investors took in stride a new round of sanctions against Russia, the prospect of tighter monetary policy and China’s worsening Covid-19 outbreak.
The benchmark DAX jumped 230 points, or 1.6 percent, to 14,309 after declining half a percent the previous day.
Cyclicals, which require accelerating GDP to flourish, were back in favor.
Banks Commerzbank and Deutsche Bank climbed around 4 percent each while automaker BMW and Volkswagen rallied 2-3 percent.
Klöckner & Co SE, a steel and metal company, soared 6.7 percent. The company reported a considerably stronger operating income (EBITDA) before material special effects in the first quarter of 2022 than originally expected.
Market Analysis
DAX Rallies Led By Cyclicals
2022-04-08 09:01:37
