DAX Modestly Higher; Teamviewer Soars On Results

(RTTNews) - The German market is up in positive territory Wednesday morning with select frontline stocks moving higher on fairly strong buying support.

Investors, digesting the nation's retail sales and factory orders data, are awaiting some crucial economic data from the U.S., including the jobs report, for clues on Federal Reserve's interest rate moves.

The benchmark DAX is up 67.12 points or about 31% at 20,417.25.

Rheinmetall is climbing nearly 4%. HeidelbergCement is up 2.7%, while SAP, Adidas, Munich RE and Continental are gaining 1.2 to 1.3%.

Henkel, Deutsche Boerse, MTU Aero Engines, Allianz, Sartorius and Hannover Rueck are up with moderate gains.

Teamviewer sgares are soaring more than 12% after the company reported a revenue at 671 million euros for the year 2024, up 9% compared to 626.7 million euros in 2023. The higher revenue was due to stronger-than-expected full-year billings of around 700 million euros, particularly from large enterprise and frontline deals in the last weeks of the fourth quarter.

Earlier, the company had expected to register its annual revenue in a range of 662 million euros to 668 million euros.

Siemens Energy is declining nearly 4%. Infineon is down 1.7% and RWE is lower by about 1.5%. Bayer, Daimler Truck Holding, Deutsche Post, Beiersdorf, Zalando, Brenntag and BMW are down 0.6 to 1%.

Data from Destatis showed retail sales in Germany increased 2.5% in November over the same month in the previous year. On monthly basis, retail sales dropped 0.6% in November following an upwardly revised 0.4% rise in October.

In the whole year of 2024, retail sales advanced 1.3% in real terms from the previous year. Although the retail sales dropped 0.4% in the first half, this was compensated by an increase of 3% in the second half of the year.

In nominal terms, retail sales registered an increase of 2.7% in 2024, data showed.

A report from the Federal Statistical Office said factory orders in Germany shrank by 5.4% month-on-month in November after a 1.5% decline in October.