German Stocks Rise on Fed Minutes as Gerresheimer Gains

German stocks advanced after minutes from the Federal Reserve’s last meeting eased concern about when the central bank will increase interest rates.

Gerresheimer AG (GXI) added 3.7 percent after the maker of syringes and inhalers reported quarterly earnings and sales that exceeded projections. Wacker Chemie AG jumped 4.1 percent as UBS AG included the company among its most preferred stocks ahead of the chemical maker’s financial-results report next month. LEG Immobilien AG slipped 1.3 percent after Deutsche Bank AG downgraded its rating on the property owner.

The DAX (DAX) added 0.7 percent to 9,573.38 at 9:38 a.m. in Frankfurt. The equity benchmark has lost 1.3 percent since April 4, pushed lower by tension in Ukraine and a selloff in the best-performing stocks from Asia to Europe and the U.S. The DAX is 1.8 percent below a record reached on Jan. 17. The broader HDAX Index jumped 0.7 today.

“The minutes from the Fed are encouraging investors,” said Ramiro Loureiro, a Lisbon-based market analyst at Banco Comercial Portugues SA’s Millennium unit. “The central bank has reassured markets after its members reiterated their intention to continue with their quantitative easing program for as long as necessary.”

The number of shares changing hands today in DAX-listed companies was 17 percent lower than the average of the past 30 days at this time of the day, data compiled by Bloomberg showed.

The Federal Reserve played down projections by some of its policy makers that interest rates might climb faster than they previously forecast, according to the minutes of the central bank’s March 18-19 policy meeting released after European markets closed yesterday.

Fed officials predicted at their meeting last month that the benchmark rate will rise to 1 percent at the end of 2015 and 2.25 percent a year later, higher than they previously forecast. The increase in the median projection exaggerated the likely speed of tightening, the minutes showed.

To contact the reporter on this story: Sofia Horta e Costa in London at shortaecosta@bloomberg.net

To contact the editors responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net Alan Soughley

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