German stocks held steady on Wednesday, with strong earnings reports and hopes of a swift economic recovery supporting sentiment.
Meanwhile, German consumer price inflation hit a two-year high in April, final data from Destatis confirmed.
The consumer price index rose 2.0 percent year-on-year following 1.7 percent increase in March. The latest inflation rate was the highest since April 2019, when it was at the same level. The preliminary estimates for all figures were confirmed.
The benchmark DAX was marginally higher at 15,130 after falling 1.8 percent the previous day.
Lender Commerzbank soared nearly 8 percent after it swung to a first quarter profit, beating expectations.
SGL Carbon rose over 2 percent. The carbon and graphite product manufacturing company confirmed guidance for the full year 2021, with sales revenue to be EUR 920 million to EUR 970 million.
Utility RWE climbed 1.2 percent after backing its 2021 view.
Deutsche Telekom rose about 2 percent. The telecommunications company raised its profit guidance for 2021 after a strong showing by its businesses in the United States and Europe in the first quarter.
Bayer jumped 3.2 percent. The pharmaceutical and chemical conglomerate backed its outlook for the year after reporting a rise in quarterly net profit.
Market Analysis
DAX Holds Steady On Upbeat Earnings
2021-05-12 08:59:00
