DAX Gains Before French Runoff Election
(RTTNews) - German stocks advanced on Friday after opinion polls predicted that the second-round run-off vote in France's parliamentary election on Sunday might lead to a hung parliament with no clear majority.
Meanwhile, investors shrugged off official data that showed German industrial production declined unexpectedly in May, largely driven by substantial decreases in the automotive industry.
Industrial production posted a monthly decline of 2.5 percent in May, reversing a revised 0.1 percent rise in April, Destatis reported. Output was expected to grow 0.2 percent.
On a yearly basis, industrial output declined sharply by 6.7 percent, after a 3.7 percent fall seen in April.
The benchmark DAX was up 151 points, or 0.8 percent, at 18,602 after rising 0.4 percent in the previous session.
Aixtron SE shares jumped more than 15 percent. The company, which supplies deposition equipment for chipmakers, announced healthier-than-expected second-quarter orders.
Automakers BMW, Mercedes Benz and Volkswagen were trading higher as steep tariffs on Chinese imports took effect.
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