DAX Bounces Back As Factory Orders Top Estimates
(RTTNews) - German stocks rose on Friday after data showed Germany's factory orders rebounded at a stronger-than-expected pace in August, reflecting the robust expansion in demand for computing, electronic and optical products.
Factory orders registered a monthly growth of 3.9 percent, in contrast to the 11.3 percent decrease in July, Destatis reported.
Moreover, the rate was much better than economists' forecast of 1.8 percent growth. Year-on-year, the decline in manufacturing orders slowed to 4.2 percent from 10.1 percent in July, data showed.
The benchmark DAX was up 93 points, or 0.6 percent, at 15,164 after declining 0.2 percent on Thursday.
Financials traded higher, with Allianz, Commerzbank and Deutsche Bank all trading up more than 1 percent.
Online fashion retailer Zalando jumped 2.5 percent.
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