DAX Extends Gains After UK Policy Reversal
(RTTNews) - German stocks rallied on Tuesday to extend gains from the previous session as a dramatic U-turn in British fiscal policy boosted sentiment.
In addition, there were reports that the Bank of England was likely to delay the sale of billions of pounds of government bonds in order to provide respite for battered gilt markets.
In economic releases, Germany's ZEW institute will publish its closely followed economic sentiment index for October later in the day.
The benchmark DAX jumped 176 points, or 1.4 percent, to 12,825 after rallying 1.7 percent in the previous session.
Tech stocks rose, with Infineon Technologies climbing 3.3 percent.
Pfeiffer Vacuum, a manufacturer of vacuum pumps, soared more than 12 percent after its preliminary group sales for the first nine months of 2022 increased 16.2 percent.
BMW rose 1.4 percent, Mercedes-Benz Group gained 2.8 percent and Volkswagen added 2.6 percent after industry data showed Europe's new car registrations increased for the second straight month in September.
New passenger car registrations grew 9.6 percent on a yearly basis, following August's 4.4 percent increase, according to data published by the European Manufacturer's Association. This was the second consecutive increase in sales.
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