DAX Advances As Oil Prices Drop; Commerzbank, SAP Rise On Rating Upgrade
(RTTNews) - German stocks gained ground in positive territory Monday morning as weak oil prices and softening bond yields helped underpin sentiment.
Oil prices dropped following remarks by U.S. President Donald Trump that renewed military strikes on Iran were "highly unlikely" while talks to end their eight-month-old conflict continue.
Brent crude front-month futures fell to $96.11 a barrel before recovering to $97.03, still down by about 1.3% from previous close.
The benchmark DAX was up 217.13 points or 0.84% at 26,011.25 nearly half an hour before noon.
Commerzbank moved up 3.6% thanks to UniCredit raising the stock's target. Infineon Technologies climbed 3.2%. SAP gained nearly 2% after JP Morgan upgraded the stock's rating. Deutsche Bank advanced 1.8%.
RWE, Siemens Energy, Scout24, Heidelberg Materials, Fresenius and Vonovia gained 1.2%-1.4%. Continental, E.ON, Merck, Daimler Truck Holding, Siemens and Rheinmetall posted moderate gains.
Hochtief dropped 4.2% after ACS denied takeover reports. Fresenius Medical Care drifted lower by 2.3%.
Hannover RE eased 1.6% after confirming full-year group net income target of at least €2.7 billion after third-quarter profit beat expectations.
Siemens Healthineers, BASF, Deutsche Boerse, Symrise, Deutsche Telekom and Beiersdorf shed 0.5%-1%.
In economic news, Germany's exports recovered more-than-expected in September, while the growth in imports accelerated, data from Destatis showed.
Exports rose 2% on a monthly basis, reversing a 0.4% decrease in August. Moreover, this was the quickest rise since February. Exports were expected to grow 0.5%. Imports climbed 4.2%, much faster than the 0.6% rebound a month ago. Economists had expected a 0.5% increase.
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