German stocks advanced on Wednesday as virus cases fell in China and the country’s securities regulator pledged action to shore up region’s worst-performing stock market.
Investors awaited the release of U.S. consumer price inflation data later in the day for any signs that inflation is beginning to cool.
Closer home, German consumer price inflation rose to 7.4 percent in April from 7.3 percent in March, final data from Destatis showed.
The inflation rate hit an all-time high since German reunification and also came in line with the flash estimate published on April 28.
The benchmark DAX rose 75 points, or 0.6 percent, to 13,610 after rallying 1.2 percent the previous day.
Industrial heavyweight Thyssenkrupp surged 9.6 percent after raising its outlook for sales and operating profit for 2022.
Insurer Allianz rallied 2.5 percent after it added another €1.9bn to provisions against its imploded Structured Alpha hedge fund.
Travel and tourism company TUI AG jumped 4 percent after saying it returns to profit this year.
Agriculture and pharmaceutical firm Bayer slumped 6.4 percent after reports that the Biden administration asked the U.S. Supreme Court not to hear the company’s bid to reject customers’ claims that its Roundup weedkiller causes cancer.
Market Analysis
DAX Rises As China’s Virus Cases Fall
2022-05-11 09:08:01
