DAX 30 Moves Higher On Stimulus Hopes

German stocks edged higher on Monday amid signs that Chinese authorities are prepared to boost stimulus measures to limit the economic impact of the coronavirus outbreak.

The benchmark DAX was up 0.15 percent at 13,761 after hitting a record high of 13,795 in early trading as the People's Bank of China cut rates on its medium-term loans, paving the way for a reduction in the country's benchmark loan prime rate. Trading activity was thin on account of a public holiday in the United States.

Bertrandt Group shares rose half a percent. The company reported that its first-quarter post-tax earnings declined to 8.71 million euros from 11.93 million euros in the previous year.

Automobile companies, which are highly sensitive to Chinese demand, were moving higher. BMW, Volkswagen and Daimler all were up around 2 percent.

Agrochemicals giant Bayer AG lost 2.4 percent and chemical company BASF dropped 1.1 percent after a U.S. peach grower was awarded $265 million in a lawsuit against the two companies.



by WooHoo Ireland


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