German Stocks Mixed; DAX Marks Record Before Pullback
(RTTNews) - German stocks turned in a mixed performance Wednesday morning with investors hoping for progress in U.S.-Iran talks to reopen the Strait of Hormuz. Optimism about earnings and data showing increase in Germany's manufacturing and services sector activity aided sentiment.
The benchmark DAX, which climbed to 26,438.34, a new record high, dropped to 26,216.90, down marginally from previous close.
Infineon Technologies dropped nearly 6% despite the company reporting record quarterly revenue and raising its full-year revenue adjusted free cash flow forecasts.
Deutsche Post drifted down 2.6%. Continental lost 1.9%, while Zalando, Vonovia, Merck, Daimler Truck Holding and Deutsche Telekom lost 1%-1.4%.
Fresenius jumped 5.5%, supported by better-than-expected second-quarter results and an upward revision in its full-year earnings guidance.
Fresenius Medical Care gained about 2%. The company's earnings totaled EUR218 million, or EUR0.81 per share. This compares with EUR225 million, or EUR0.77 per share, last year.
Siemens Energy climbed 1.3% as the company's sales, margins and orders rose sharply in the third quarter.
Bayer rallied 4.2%. Beiersdorf, Rheinmetall, MTU Aero Engines, Deutsche Boerse, GEA Group, SAP, E.ON, Fresenius Medical Care, Qiagen and Hochtief gained 1%-2.5%.
On the economic front, the S&P Global Germany Composite PMI was revised higher to 51.3 in July from a preliminary of 51.2, pointing to the first growth in private sector activity in four months. The manufacturing PMI reading increased to 52.2 from 50.3 a month earlier, while the Services PMI advanced to 49.8 from 48.6.
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