German Stocks Rise for First Time in Three Days

Stocks in Germany advanced for the first time in three days as telecommunication companies rallied after Telefonica SA agreed to buy Royal KPN NV’s German wireless unit.

Deutsche Telekom AG (DTE), the nation’s biggest phone company, increased 2.3 percent. Deutsche Lufthansa AG (LHA) retreated 1.8 percent for a second day of losses.

The DAX Index rose 0.3 percent to 8,358.79 at 10:57 a.m. in Frankfurt. The equity benchmark has climbed 8.7 percent from a low on June 24. The broader HDAX Index also gained 0.3 percent today.

“The focus today is on telecom stocks due to the KPN-Telefonica deal,” Soeren Steinert, who helps manage about $24 billion as associate director for equities trading at Quoniam Asset Management GmbH in Frankfurt, wrote in an e-mail. “Deutsche Telecom is the top winner.”

In the U.S., a release at 10 a.m. New York time may show a gauge of manufacturing in the region covered by the Federal Reserve Bank of Richmond rose to 9 in July from 8 the previous month, according to a median survey of economists surveyed by Bloomberg.

The volume of shares changing hands in companies listed on the DAX was 23 percent higher than the average of the past 30 days, according to data compiled by Bloomberg.

To contact the reporter on this story: Jonathan Morgan in Frankfurt at jmorgan157@bloomberg.net

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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.