German stocks advanced on Friday as strong U.S. economic data and progress on vaccination rollouts helped support hopes of economic recovery.
Overnight data showed that the number of Americans filing new claims for unemployment benefits dropped to a one-year low last week and U.S. economy grew at a faster pace than previously estimated in the fourth quarter of 2020.
In his first formal news conference, U.S. President Joe Biden promised to deliver 200 million doses of Covid-19 vaccine within his first 100 days in office.
Closer home, the headline German IFO Business Climate Index continued to improve and came in at 96.6 in March, up from 92.4 last month.
The Current Economic Assessment rose to 93.0 points from 90.6 while the IFO Expectations Index – indicating firms’ projections for the next six months, climbed to 100.4 from 94.2.
The benchmark DAX climbed 110 points, or 0.8 percent, to 14,731 after closing up 0.1 percent on Thursday.
DAX Rises On Economic Optimism
2021-03-26 09:21:44
