DAX Inches Higher After G7 Pledge

German stocks rose slightly on Tuesday following a pledge from G7 leaders to do "whatever is necessary" to fight the coronavirus pandemic, ranging from deploying fiscal measures to supporting efforts to develop a vaccine.

"We are committed to doing whatever is necessary to ensure a strong global response through closer cooperation and enhanced coordination of our efforts," the leaders said in a joint statement.

The benchmark DAX rose 0.45 percent to 8,781 after tumbling 5.3 percent in the previous session.

GEA Group shares slumped 8 percent. The company reported a loss of 170.7 million euros for fiscal 2019 compared to profit of 113.5 million euros in the previous year.

Car maker Volkswagen Group tumbled 3 percent after it warned of a difficult year ahead due to the coronavirus pandemic.

Wacker Chemie lost over 2 percent. For 2020, the company expects to increase sales by a low-single-digit percentage.



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