German Stocks Resume Climb After ECB Allots Funds; DAX Rises 1%

German stocks resumed gains after the European Central Bank said it will lend 529.5 billion euro for 1,092 days to 800 financial institutions.

Economists predicted an allotment of 470 billion euros, according to the median of 28 estimates in a Bloomberg News survey. Banks borrowed 489 billion euros in the first three-year operation in December.

The benchmark stock index, the DAX Index, rose 1 percent at 11:34 a.m. after briefly paring gains. The index of 30 companies traded on the Frankfurt Stock Exchange rose 65.12 to 6,952.75. Among the stocks in the index, 27 rose and 3 fell. Gains in the DAX were led by BASF SE (BAS), Siemens AG (SIE) and Deutsche Bank AG. (DBK)

To contact the reporter on this story: Peter Levring in Copenhagen at plevring1@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net

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