German Stocks Are Little Changed After Three-Day Advance

German stocks advanced for a fourth day as investors awaited a report on U.S. initial jobless- benefit claims.

MTU Aero Engines Holding AG (MTX) gained 3.2 percent as first- quarter profit beat estimates. Bayer AG (BAYN) fell 1 percent after posting first-quarter profit that fell short of analysts’ forecasts. Software AG (SOW) slid 4 percent after quarterly revenue missed estimates and profit fell.

The DAX Index (DAX) added 0.2 percent to 7,777.02 at 11:03 a.m. in Frankfurt. The benchmark gauge climbed 4 percent over the previous three days amid speculation that the European Central Bank will lower interest rates. The broader HDAX Index also rose 0.2 percent today.

“What we saw in the last couple of days was not-so-good economic numbers overshadowed by speculation about an ECB rate cut,” said Andreas Lipkow, a senior market strategist at Kliegel & Hafner AG in Berlin. “The area between 7,700 and 7,800 is a very fair price for the DAX now as numbers out from companies are not so good to allow the DAX to rise above the 8,000 point level; progress depends on the ECB decision and also what we see out of the U.S. with jobless claims.

The volume of shares changing hands in companies listed on the DAX was 39 percent lower than the average of the last 30 days, according to data compiled by Bloomberg.

U.S. initial jobless claims slipped to 350,000 last week from 352,000 in the previous period, economists predicted before a Labor Department report at 8:30 a.m. in Washington.

MTU Aero

MTU Aero Engines added 3.2 percent to 73.99 euros. Germany’s biggest aircraft-engine maker reported first-quarter pre-tax profit of 89.3 million euros, beating analysts’ estimates for 87 million euros. Revenue jumped 35 percent to 944.7 million euros, compared with analysts’ estimates of 915.8 million euros.

HeidelbergCement rose 2.5 percent to 53.84 euros as a gauge of European construction shares advanced.

Borussia Dortmund GmbH gained 5.1 percent to 3.17 euros after the German football club beat Real Madrid 4-1 in the first leg of their Champions League semi-final.

Bayer retreated 1 percent to 79.79 euros as Germany’s biggest drugmaker posted first-quarter earnings before interest, taxes, depreciation and amortization and one-time items of 2.45 billion euros ($3.2 billion), trailing the 2.55 billion-euro estimate of analysts in a Bloomberg survey. Bayer reiterated its 2013 forecast, after saying Feb. 28 it expects full-year sales of about 41 billion euros.

Software slid 4 percent to 26.78 euros. Germany’s second- largest software maker posted first-quarter revenue of 224.9 million euros, missing analysts’ estimates of 242.8 million euros. Profit fell 24 percent to 27.2 million euros.

To contact the reporter on this story: Tom Stoukas in Athens at astoukas@bloomberg.net

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

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