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DAX Rises Nearly 1.5% Ahead Of Vote On Spending Plan
(RTTNews) - German stocks are rising sharply on Tuesday as investors indulge in some hectic buying ahead of a vote on a multibillion-euro spending package, that would help reform the "debt brake" and increase funding for defense and infrastructure.
The approval for the plan could boost the nation's economy and stimulate growth across Europe, despite the ongoing tensions with the U.S.
The conservatives and Social Democrats (SPD), who are looking to form a coalition after the recent general election, are aiming to create the huge fund to facilitate higher spending on securitiy.
"I am confident we will achieve a two-thirds majority," said Friedrich Merz, leader of the conservative Christian Democrats.
The market is also looking ahead to U.S. President Donald Trump's Ukraine peace talks with his Russian counterpart Vladimir Putin later in the day.
Stocks from across several sectors are up with strong gains. Automobile and defense stocks are among the most prominent gainers.
The benchmark DAX was up 329.95 points or 1.43% at 23,460.00 a little while ago.
Continental, Bayer, Infineon Technologies, Commerzbank, Deutsche Bank, BMW, Mercedes-Benz, Zalando, Daimler Truck Holding and Porsche are gaining 2 to 4.3%.
Qiagen, Brenntag, BASF, Siemens, MTU Aero Engines, Hannover Rueck, Siemens Energy, Heidelberg Materials, SAP, Merk, Sartorius, Allianz and RWE are also notably higher.
Germany's ZEW economic sentiment survey results are due in a while. The economic sentiment index is forecast to rise to 48.1 in March from 26.0 in the previous month.
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