DAX Rebounds On US Optimism

13.01.17 10:35

VIENNA (dpa-AFX) - German stocks rebounded on Friday as a weaker euro lifted shares of automakers and financials also rallied ahead of a slew of U.

S. bank earnings due out later in the day.

Fed Chair Janet Yellen's comments on Thursday that the U.S. economy is doing well and faces no serious obstacles in the short term also supported underlying sentiment.

The benchmark DAX was up 49 points or 0.42 percent at 11,569 in opening deals after tumbling 1.1 percent in the previous session.

Commerzbank rallied nearly 2 percent and rival Deutsche Bank advanced 1.5 percent, while automakers BMW, Daimler and Volkswagen rose between half a percent and 2.2 percent.

Merck KGaA rose 1 percent after announcing a partnership with Palantir giving the later a cut of Merck's resulting profits.

Fraport edged up marginally on reporting a rise in passenger traffic in December.

In economic releases, German wholesale prices increased 2.8 percent in December from prior year, marking the biggest rise since October 2012, when prices climbed 3.1 percent, official data showed.

Copyright RTT News/dpa-AFX


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