DAX Moderately Higher; Auto Stocks Drift Lower
(RTTNews) - German stocks climbed higher Tuesday morning with investors hoping that Iran and the U.S. will sign the peace deal later this week and ensure reopening of the Strait of Hormuz. The focus is also on the upcoming monetary policy meetings of the Federal Reserve and the Bank of England.
The benchmark DAX, which climbed to 25,109.96 earlier, was up 143.75 points or 0.58% at 25,047.17 a few minutes ago.
Gea Group climbed 5%. Rheinmetall moved up 2.85%, while MTU Aero Engines, Qiagen and Siemens gained 1.8%-2%.
SAP, Commerzbank, Siemens Energy and Deutsche Post gained 1.3%-1.7%, while Munich RE, Heidelberg Materials, Hannover RE, Deutsche Bank, Deutsche Boerse, Siemens Healthineers, Allianz and Deutsche Telekom advanced 0.5%-1%.
Auto stocks Volkswagen, Mercedes-Benz and BMW lost 1.4%-1.7%. Daimler Truck Holding drifted lower by 1% and Porsche Automobil Holding shed 0.9%.
Brenntag, Infineon Technologies, Adidas, Zalando, RWE, Merck and Fresenius also showed weakness.
In economic news, a report from the Centre for European Economic Research (ZEW) said Germany's ZEW Indicator of Economic Sentiment rose 20.7 points to 10.5 in June, its first positive reading since the war in the Middle East shook confidence in March and beat market expectations of -6.0.
Meanwhile, the current economic situation assessment worsened slightly to -81, below the expected -78.
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