DAX Moderately Higher On Trade Deal Hopes; Commerzbank Rises On Strong Results
(RTTNews) - German stocks are moderately higher on Friday, and the benchmark DAX has hit a new all-time high, with investors continuing to cheer the news about U.S.-UK trade agreement, and digesting corporate earnings announcements.
U.S. President Donald Trump said on Thursday that the meetings with China on trade and economic issues could be "very substantive" and lead to tariff reductions.
Elsewhere, U.S. Commerce Secretary Howard Lutnick told CNBC that dozens of trade deals will be rolled over the next month, but a 10% tariff imposed on most countries will likely stay.
The benchmark DAX was up 137.87 points or 0.59% at 23,487.17 a few minutes ago.
Commerzbank is up by about 3% after the lender reported higher profit in its first quarter, despite weak net interest income. Further, the company confirmed its fiscal 2025 outlook for net result, and adjusted net interest income view.
In the first quarter, consolidated net result increased 11.7% to 834 million euros from last year's 747 million euros. The company said it is the best quarterly result since the first quarter of 2011.
Siemens Energy is rising 2.6%, while BMW and Merck are up 2.2% and 2.1%, respectively. Bayer is advancing nearly 2%.
Brenntag, Daimler Truck Holding, BASF, Sartorius, Heidelberg Materials, Beiersdorf, Symrise, Adidas, Mercedes-Benz and Porsche Automobil Holding are gaining 1 to 1.8%.
Allianz is down by about 3.6%. Fresenius, MTU Aero Engines, Rheinmetall, Zalando and E.On are down 0.4 to 1%.
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