Lanxess AG (LXS) gained 2.7 percent after Chief Executive Officer Axel Heitmann told a newspaper that the chemicals company will meet its earnings forecast this year. Dialog Semiconductor Plc (DLG) rose 2.2 percent after Apple Inc., the largest customer for Dialog’s chips, struck a deal to sell iPhones through China Mobile Ltd.
The benchmark DAX rose 0.4 percent to 9,442.84 at 11:22 a.m. in Frankfurt. The gauge jumped 4.4 percent last week after the Federal Reserve’s decision to slow the pace of its bond-buying program increased investors’ confidence in the U.S. economic recovery. The DAX, which has rallied 24 percent in 2013, today climb above the previous record set on Nov. 29. The broader HDAX Index also increased 0.4 percent today.
The volume of shares changing hands in DAX-listed companies was 37 percent lower than the average of the last 30 days, according to data compiled by Bloomberg.
The International Monetary Fund will raise its outlook for U.S. economic growth because the unemployment rate has fallen and politicians have agreed on a budget for next year, Managing Director Christine Lagarde said in an interview yesterday on NBC’s “Meet the Press.” The IMF predicted in October that the world’s largest economy would expand 2.6 percent next year. Lagarde didn’t set out any new projections.
Lanxess rose 2.7 percent to 46.99 euros. Earnings before interest, taxes, depreciation, amortization and some items will reach the targeted range of 710 million euros ($971 million) to 760 million euros this year, Heitmann said in an interview with Frankfurter Allgemeine Sonntagszeitung.
“I’m also keeping my confidence for next year,” Heitmann said. “Even if prices remain at a low level, we will improve our result.” The Cologne, Germany-based company lowered its forecast on Nov. 12, citing a limited increase in production in the automobile and tire industries.
Dialog climbed 2.2 percent to 15.49 euros. China Mobile will sell the iPhone 5s and 5c models in its retail stores from Jan. 17, Apple said in a statement that provided no financial terms. The U.S. company also said it will make the phones for China Mobile’s network available in its shops in China.
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