DAX Opens Higher After BoE's Emergency Rate Cut

German stocks opened on a firmer note Wednesday after China made significant progress in curbing domestic infections and the Bank of England cut interest rates in a wider package of measures designed to counter the shock of the coronavirus on Britain's economy.

The benchmark DAX was up 83 points, or 0.8 percent, at 10,562 after tumbling 1.4 percent on Tuesday.

Puma SE shares slumped 4.4 percent. The sportswear maker said that COVID-19 outbreak has negatively impacted its business since the beginning of February both in terms of sales and sourcing.

Specialty chemicals company Lanxess AG declined 2.7 percent after it reported a fourth-quarter net loss of 48 million euros.

Reinsurer Hannover Re shed 0.7 percent despite confirming its 2020 guidance.

Sporting goods manufacturer Adidas plunged 6 percent. The company expects first-quarter sales to drop by up to 1 billion euros ($1.14 billion) in greater China due to the coronavirus.

Axel Springer edged up slightly after reporting its fiscal 2019 results.

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