DAX Rallies Led By Automakers
(RTTNews) - German stocks rallied on Thursday after the FOMC meeting minutes showed that policymakers are determined to tame soaring inflation.
Investors shrugged off data showing that German industrial production grew less than expected in May.
Industrial production grew 0.2 percent in May from April, when output was up by revised 1.3 percent, Destatis reported. Output was expected to climb 0.4 percent.
On a yearly basis, industrial output declined 1.5 percent after easing 2.5 percent in April.
The benchmark DAX jumped 227 points, or 1.8 percent, to 12,821 after rallying 1.6 percent in the previous session.
Nordex AG shares climbed 3.4 percent. The German wind turbine maker reported higher order intake in the second quarter with strong demand. Separately, the company said it received order for 59 MW in Finland from Falck Renewables.
Automakers were moving higher, with BMW surging 4.5 percent and Volkswagen adding 5.5 percent.
Lufthansa gained 2.5 percent after logistics entrepreneur Klaus-Michael Kuehne increased his stake in the German flag carrier to 15 percent from 10 percent.
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