DAX Modestly Higher As Factory Orders Rebound
(RTTNews) - German stocks traded slightly higher on Tuesday after falling heavily the previous day on concerns about slowing U.S. growth.
Underlying sentiment was helped after data showed Germany's factory orders rebounded in June due to the significant improvement in the auto industry.
Manufacturing orders increased by more-than-expected 3.9 percent on a monthly basis in June, in contrast to the revised 1.7 percent decrease in May, data from Destatis revealed. Orders were forecast to climb only 0.7 percent.
Excluding large orders, factory orders were 3.3 percent higher than in May. The benchmark DAX was up 79 points, or half a percent, at 17,418 after declining 1.8 percent the previous day.
Banks Commerzbank and Deutsche Bank were up around 1 percent each. Online fashion marketplace Zalando rallied 2.3 percent after posting strong Q2 results.
Pharmaceutical and life sciences giant Bayer gained half a percent after reporting mixed results for the second quarter and reiterating group guidance.
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