DAX Rises To New Record High; Strong Factory Orders Data Lifts Sentiment
(RTTNews) - German stocks moved higher on Monday, lifting the benchmark DAX to a new record high, as strong factory orders data, and expectations of strong earnings updates and easing inflation concerns aided sentiment.
The DAX, which rose to a new high of 25,902.91, was up 47.74 points or 0.18% at 25,845.22 around noon.
Scout24, up 2.75%, was the top gainer in the benchmark index. SAP and Deutsche Boerse moved up nearly 2% over their previous closing levels.
Rheinmetall, Adidas, Fresenius, Zalando, Hannover RE, Beiersdorf and Munich RE gained 1%-1.8%. Vonovia, Siemens Healthineers, Daimler Truck Holding, Symrise, Deutsche Telekom, Mercedes-Benz, Volkswagen, Fresenius Medical Care, Commerzbank and BMW also moved higher.
Among the losers, Infineon Technologies shed nearly 2%. Hochtief drifted down 1.7% and Continental dropped 1.4%, while Siemens Energy, Siemens, RWE and Merck lost 0.4%-1%.
Germany's factory orders rebounded at a stronger-than-expected pace in May, expanding 1.9% on a monthly basis, in contrast to the revised 3.2% drop in April, data from Destatis showed. Orders were forecast to grow 1.1%.
Excluding large scale orders, new orders increased 1% from the previous month.
Germany's construction sector continued to contract in June albeit at a slower pace, purchasing managers' survey data from S&P Global showed.
The construction Purchasing Managers' Index posted 44.8 in June, up from 42.4 in the previous month. This was the highest score since March.
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