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DAX Gains Despite Weak Data
(RTTNews) - German stocks eked out modest gains on Thursday despite worries that the OPEC's decision to curb oil production may fuel inflation.
Investors also shrugged off new data suggesting that German factory orders declined more than expected in August.
Manufacturing new orders decreased 2.4 percent month-on-month in August, Destatis reported - reversing a revised 1.9 percent rise in July. Economists had forecast a moderate 0.7 percent drop in August.
On a yearly basis, new orders were down 4.1 percent after a sharp 11.0 percent decline in July.
The benchmark DAX was up 43 points, or 0.3 percent, at 12,560 after tumbling 1.2 percent in the previous session.
Merck KGaA, a science and technology firm, added 1.4 percent after announcing it is on track to reach its mid-term growth target of 25 billion euros in sales by 2025.
Travel and leisure stocks gained ground, with Lufthansa rising 1.8 percent and TUI AG climbing 5.2 percent.
Online retailer Zalando surged 4.3 percent after announcing a new strategic partnership with U.S. sportswear giant Nike.
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