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8 Sep 2015
European stocks rally, DAX – the front runner
FXStreet (Mumbai) - Stocks on the European indices started on a stronger note on Tuesday and extended further, with the DAX leading other European counterparts higher.
Upbeat German corporate news and trade balance figures support
The sentiment around the German benchmark remains lifted mainly by strong gains for the energy and banking sectors, while carmakers also moved up.
Shares of German utility company RWE rallied 6%, while lender Commerzbank jumped 5.46%. Shares of carmakers BMW, Volkswagen, Daimler and Peugeot each rose about 3-4%.
While better than expected German trade data also offered another reason for the European traders to enjoy solid gains. The trade surplus in Germany amounted to €25.0 billion in July, the fresh report said, after €24.1 billion posted a month before. Exports rose 2.4% in the measured month, while imports grew 2.2%, exceeding estimates.
Germany's the DAX 30 jumps over 2% to trade at 10,317 while the UK's FTSE 100 index gains 1.37% to 6,157. Among the other indices, the French CAC 40 index rallied 1.69% to 4,627, while the pan-European Euro Stoxx 50 index is up 1.85% to 3,257.
Eurostat will publish euro zone GDP data for the second quarter shortly. The market expects an expansion of 0.3% on a quarterly basis, while 1.2% growth is forecast year-on-year.
Upbeat German corporate news and trade balance figures support
The sentiment around the German benchmark remains lifted mainly by strong gains for the energy and banking sectors, while carmakers also moved up.
Shares of German utility company RWE rallied 6%, while lender Commerzbank jumped 5.46%. Shares of carmakers BMW, Volkswagen, Daimler and Peugeot each rose about 3-4%.
While better than expected German trade data also offered another reason for the European traders to enjoy solid gains. The trade surplus in Germany amounted to €25.0 billion in July, the fresh report said, after €24.1 billion posted a month before. Exports rose 2.4% in the measured month, while imports grew 2.2%, exceeding estimates.
Germany's the DAX 30 jumps over 2% to trade at 10,317 while the UK's FTSE 100 index gains 1.37% to 6,157. Among the other indices, the French CAC 40 index rallied 1.69% to 4,627, while the pan-European Euro Stoxx 50 index is up 1.85% to 3,257.
Eurostat will publish euro zone GDP data for the second quarter shortly. The market expects an expansion of 0.3% on a quarterly basis, while 1.2% growth is forecast year-on-year.