German Stocks Gain as Linde, Infineon Report Profit
German stocks advanced for a second day as Linde AG (LIN) and Infineon Technologies AG (IFX) reported increased quarterly operating profit, while investors awaited the outcomes of central-bank meetings later this week.
Linde climbed 1.8 percent after the industrial-gases company reported that operating profit rose 14 percent in the second quarter. Infineon gained 2.4 percent as the chipmaker also raised its sales forecast. Deutsche Bank AG fell 1.9 percent after Germany’s biggest bank posted second-quarter profit that missed analysts’ estimates. K+S AG (SDF) slumped 14 percent as OAO Uralkali forecast that potash prices will drop.
The DAX (DAX) added 0.7 percent to 8,319.48 at 10:06 a.m. in Frankfurt, extending its rally so far in July to 4.6 percent. The equity benchmark has climbed 8.3 percent from a low on June 24. The broader HDAX Index also increased 0.7 percent today.
“German stocks are dominated by earnings today,” 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. “Infineon Technologies and Linde reported good results.”
In the U.S., the Federal Reserve starts a two-day meeting today. The European Central Bank and the Bank of England announce policy decisions on Thursday.
The volume of shares changing hands in DAX-listed companies was 86 percent greater than the average of the past 30 days, according to data compiled by Bloomberg.
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