Germany's DAX 30 Rebounds After A Big Selloff

German stocks rebounded on Thursday after a big selloff the previous day on the back of dismal U.S. economic data and persistent worries over the economic fallout from the coronavirus pandemic.

Underlying sentiment improved somewhat as governments of European countries hard hit by the Covid-19 pandemic move towards easing unprecedented restrictions placed on their societies.

The reopening is expected to be gradual in France from May 11. Spain is gradually reopening, beginning with construction and manufacturing businesses. In Italy, the beginning of the lifting of the lockdown is scheduled for May 4.

The benchmark DAX was up 137 points, or 1.34 percent, at 10,415 after plunging 3.9 percent on Wednesday.

Online fashion retailer Zalando soared 5.4 percent. The company expressed optimism over the second quarter as sales rebounded from a dip in April.

Medical and safety technology provider Draegerwerk AG fell 2.5 percent. The company said it would specify its expectations for 2020 with the publication of the half-year results.

In economic releases, German inflation slowed to a four-month low as estimated in March, final data from Destatis showed.

The consumer price index rose 1.4 percent year-on-year after a 1.7 percent increase in each of the previous two months. The rate came in line with the preliminary estimate released on March 30.



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