German DAX Surges Into Bull Market as Munich Re, Carmakers Rally
European Stocks Gain as Dax Index Enters Bull Market
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Gains in Munich Re and carmakers pushed Germany’s DAX Index into bull territory, and sent European shares higher for a fifth day.
The DAX rallied 2.5 percent to its highest level of the year, taking its advance since a February low to 22 percent. The Stoxx Europe 600 Index added 0.9 percent. Munich Re climbed 5.7 percent after the reinsurer reported quarterly net income that was more than double the average analyst projection. BMW AG and Daimler AG climbed at least 2.8 percent after a report showed China’s retail auto sales surged in July.