DAX Rallies Led By Automakers

DAX Rallies Led By Automakers

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German stocks rallied on Tuesday, with automakers surging after data showed China’s auto sales rose by an annual 16.4 percent in July in a sign of sustained recovery for the industry’s biggest global market.

The benchmark DAX climbed 275 points, or 2.17 percent, to 12,962 after closing up 0.1 percent in the previous session.

BMW shares soared 4.7 percent, Daimler advanced 2.7 percent and Volkswagen added 3.2 percent.

Energy company Uniper fell over 2 percent. The company warned it may have to impair a loan provided to the planned Nord Stream 2 gas pipeline if the project collapses in the face of U.S. sanctions.

Copper producer Aurubis added 1.4 percent after confirming its full-year earnings outlook.

Pharmaceutical and life sciences company Bayer climbed 2.1 percent after it agreed to acquire KaNDy Therapeutics Ltd., a U.K.-based private clinical-stage biotech that was founded in 2017 as a spin-off from NeRRe Therapeutics Ltd.

Meal-kit delivery firm HelloFresh jumped more than 3 percent after raising its annual guidance.

Zalando, an e-commerce company, gained nearly 3 percent after its quarterly net income jumped to 123 million euros from 46 million euros in the prior-year period.

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