May 21 (Bloomberg) -- German stocks rose for an 11th day, their longest winning streak since July 2005, as Federal Reserve Bank of St. Louis President James Bullard said the central bank should continue its bond buying program.
Bayer AG and BASF SE gained, following their European peers higher. Commerzbank AG, the country’s second-biggest lender, slid 3.7 percent. Deutsche Bank AG dropped the most in more than a month after JPMorgan Chase & Co. downgraded the shares.
The DAX climbed 0.2 percent to a record 8,472.2 at the close in Frankfurt. The benchmark gauge has rallied 11 percent this year as central banks around the world maintained monetary stimulus. The broader HDAX Index also rose 0.2 percent today.
The Fed’s bond-purchasing plan, known as quantitative easing, should be maintained because markets indicate that it is improving financial conditions and can be adjusted based on how the economy changes, Bullard, who votes on the policy-setting Federal Open Market Committee this year, said in Frankfurt as European equity markets closed.
Bayer, the maker of drugs and agricultural chemicals, added 0.6 percent to 84.65 euros after saying its experimental riociguat pill for hypertension produced positive data from a patent-2 trial. Shares earlier rose as much as 1.4 percent.
BASF, the world’s biggest chemical maker, advanced 1.9 percent to 75.35 euros.
A measure of chemical stocks rose the most since May 10 on the Stoxx Europe 600 Index.
Wacker Chemie AG, the fourth-largest producer of polysilicon, jumped 9 percent to 56.22 euros, its largest increase since December.
Commerzbank slumped 3.7 percent to 8.18 euros, for the biggest loss on the benchmark index.
Deutsche Bank dropped 2.3 percent to 36.66 euros after JPMorgan downgraded its rating on the shares to neutral from overweight, saying tighter Basel Committee regulations threaten the lender’s capital levels.
Daimler AG, the world’s third-largest maker of luxury cars, lost 1.4 percent to 49.65 euros, falling for the first time in seven days. Volkswagen AG, Europe’s biggest automaker, slipped 1.3 percent to 171.60 euros.
United Internet AG retreated 7.2 percent to 21.57 euros, its biggest decline since December. The German broadband provider reported first-quarter sales of 630 million euros ($811 million), missing analyst forecasts for 635 million euros.
The volume of shares changing hands on DAX-listed companies was 0.8 percent lower than the average of the past 30 days, data compiled by Bloomberg show.
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