Germany's DAX Index Climbs to Almost Seven-Week High
German stocks advanced to an almost seven-week high as shares of banks and utilities rallied.
Deutsche Bank added 2.9 percent after a report that the lender plans to shrink its balance sheet by as much as 20 percent. Commerzbank AG (CBK) gained 1.8 percent. RWE gained 3.3 percent amid a report that the utility is seeking an additional 500 million euros of cost cuts a year. EON SE increased 1.7 percent. SAP AG (SAP) lost 1.3 percent after saying Jim Hagemann Snabe will step down as co-chief executive officer next year.
The DAX Index (DAX) rose 0.4 percent to 8,366.15 at 10:45 a.m. in Frankfurt, its highest level since June 4. The equity benchmark has climbed 8.8 percent from a low on June 24 and advanced 1.5 percent last week. The broader HDAX Index climbed 0.3 percent today.
Daimler AG, BASF SE, and Deutsche Boerse AG are the companies on the DAX scheduled to post second-quarter results this week.
A report at 10 a.m. in Washington may show sales of previously owned homes in the U.S. climbed for a third month in June to the highest level since November 2009. Sales rose at a 5.25 million annualized pace in June from 5.18 million the prior month, according to the median forecast of 65 economists surveyed by Bloomberg.
The volume of shares changing hands in companies listed on the DAX was 31 percent lower than the average of the past 30 days, according to data compiled by Bloomberg.
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