German Stocks Rise for First Time in Three Days
Stocks in Germany advanced for the first time in three days as telecommunication companies rallied after Telefonica SA agreed to buy Royal KPN NV’s German wireless unit.
The DAX Index rose 0.3 percent to 8,358.79 at 10:57 a.m. in Frankfurt. The equity benchmark has climbed 8.7 percent from a low on June 24. The broader HDAX Index also gained 0.3 percent today.
“The focus today is on telecom stocks due to the KPN-Telefonica deal,” Soeren Steinert, who helps manage about $24 billion as associate director for equities trading at Quoniam Asset Management GmbH in Frankfurt, wrote in an e-mail. “Deutsche Telecom is the top winner.”
In the U.S., a release at 10 a.m. New York time may show a gauge of manufacturing in the region covered by the Federal Reserve Bank of Richmond rose to 9 in July from 8 the previous month, according to a median survey of economists surveyed by Bloomberg.
The volume of shares changing hands in companies listed on the DAX was 23 percent higher than the average of the past 30 days, according to data compiled by Bloomberg.
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