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DAX Edges Higher As Adidas And Bank Shares Surge
(RTTNews) - German stocks edged higher on Friday a strong earnings results from Adidas and Apple outweighed weak factory orders data.
German factory orders posted the biggest decline since the onset of the coronavirus pandemic in 2020, suggesting that manufacturing weighed on the economic activity in the first quarter.
Factory orders decreased by a more-than-expected 10.7 percent month-on-month in March, offsetting the revised 4.5 percent increase in February, data released by Destatis showed. Orders were forecast to drop moderately by 2.2 percent.
The benchmark DAX was up 26 points, or 0.2 percent, at 15,761 after losing half a percent the previous day.
Banks topped the gainers list, with Commerzbank and Deutsche Bank rising around 2 percent each.
Sportswear maker Adidas jumped nearly 7 percent after posting better-than-expected first-quarter results.
SGL Carbon tumbled 4 percent after saying it expects sales to be same as that of last year in 2023.
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