July 15 (Bloomberg) -- German stocks rose to a five-week high as investors weighed U.S. data for signals on the health of the world’s largest economy.
Commerzbank AG advanced 4.7 percent after selling 5 billion euros ($6.5 billion) of commercial real estate loans in the U.K. at a discount of 3.5 percent. Rheinmetall AG climbed 1.1 percent after Bild am Sonntag reported that Qatar plans to buy 118 Leopard tanks. Fresenius SE increased after Jefferies Group LLC raised its rating of the stock.
The DAX Index rose 0.3 percent to 8,234.81, its highest level since June 10. The gauge rallied 5.2 percent last week, its biggest jump in 19 months. The measure has climbed 7.1 percent from a low on June 24 as central banks signaled they won’t withdraw stimulus measures anytime soon. The broader HDAX Index also added 0.3 percent today.
“Investors are content with bidding equities higher as current economic data comes in close to expectations and the assurance that asset-price supporting policy around the world remains,” Daniel Weston, a portfolio manager at Aimed Capital Management LLC in Munich, wrote in an e-mail.
In the U.S., data showed manufacturing in the New York region expanded in July at the fastest pace in five months.The Federal Reserve Bank of New York’s general economic index climbed to 9.46 this month. Readings greater than zero signal expansion in New York, northern New Jersey and southern Connecticut. The median projection in a Bloomberg survey of 50 economists called for a reading of 5.
Another released showed retail sales rose 0.4 percent in June after increasing 0.5 percent the previous month, a report in Washington showed today. Economists surveyed by Bloomberg had predicted a gain of 0.8 percent.
China’s second-quarter gross domestic product rose 7.5 percent from a year earlier, according to the National Bureau of Statistics in Beijing. That equaled the median forecast in a Bloomberg News survey. The economy expanded at a 7.7 percent pace in the first quarter.
Commerzbank gained 4.7 percent to 6.25 euros. Germany’s second-biggest lender sold the commercial property loans and operations of its unit Hypothekenbank Frankfurt in Britain to Wells Fargo & Co. and Lone Star Funds. The lender described the discount as “low.”
Rheinmetall, the German maker of weapons for the Leopard 2 tank, added 1.1 percent to 36.62 euros. Bild am Sonntag also said Saudi Arabia is interested in buying 800 Leopard tanks.
Praktiker AG jumped 34 percent to 18.9 euro cents after Bild reported after the markets closed on July 12 that Isabelle De Krassny and other investors offered to buy out Praktiker’s bank debt. The German home-improvement chain formerly owned by Metro AG, slumped 71 percent last week as it filed for insolvency after the sale of a division collapsed.
Fresenius SE advanced 1.1 percent to 97.93 euros. Jefferies raised its recommendation for the health-care company to buy from hold.
Daimler AG led automakers in Europe lower, falling 1.8 percent to 51.40 euros. Continental AG, Europe’s second-biggest car-parts maker, slid 1.7 percent to 109.8 euros.
To contact the reporter on this story: Tom Stoukas in Athens at firstname.lastname@example.org
To contact the editor responsible for this story: Andrew Rummer at email@example.com