German DAX Rises 1.29% On Lower Oil, Strong Earnings

(RTTNews) - German stocks climbed higher Wednesday morning thanks to lower oil prices and softening bond yields and some strong earnings updates.

Meanwhile, investors closely followed political developments after Democrats took control of both houses of Congress in a dramatic win in the U.S. midterm elections, raising uncertainty over tech regulation, trade policy and the U.S. budget deficit.

Tech stocks gained in strength, buoyed by AMD's record third-quarter revenue thanks to strong sales of AI chips.

Brent crude front-month futures fell to $101.55 before recovering to $102.22, still down as much as 1.3% from previous close.

The benchmark DAX was up 335.08 points or 1.29% at 26,235.99 a few minutes before noon.

Heidelberg Materials soared nearly 9% after reporting stronger-than-expected third quarter earnings and raised its full-year outlook. The company increased its revenue by 10% to 6.41 billion euros in the third quarter. The result from current operations increased by 9% to 1.28 billion euros. Heidelberg Materials continues to expect the result from current operations to be between 3.40 billion and 3.65 billion euros.

Continental surged 5.8%. The car parts supplier raised its profitability outlook for 2026. For the three-month period to September 30, the Group posted a net profit of EUR 349 million, or EUR 1.75 per share, compared with a net loss of EUR 756 million, or EUR 3.78 per share in the same period last year.

Deutsche Bank moved up 5.7% and Commerzbank gained nearly 5%.

Scout24 climbed 4%. Vonovia and Zalando gained 3.2% and 3.1%, respectively. Bayer, MTU Aero Engines, Adidas, Volkswagen, Siemens, Mercedes-Benz, Allianz, BMW and Infineon Technologies gained 1.5%-2.3%.

E.ON, Fresenius Medical Care, Fresenius, Deutsche Post, Gea Group and Deutsche Telekom advanced 1%-1.3%. SAP, BASF, Henkel, Beirsdorf and Siemens Healthineers also moved notably higher.

Rheinmentall shed 1.%. Hochtief, Deutsche Boerse and Daimler Truck Holding lost 1.6%, 1.4% and 1.1%, respectively.