German Stocks Climb Third Day as Confidence Increases
German stocks rose for a third day, with the DAX (DAX) Index poised for its biggest weekly gain since July, as a gauge of consumer confidence increased and investors awaited U.S. gross domestic product data.
Deutsche Boerse AG (DB1) climbed 2.3 percent, for the biggest advance on the equities benchmark. Deutsche Post AG (DPW) added 0.6 percent after Hamburger Sparkasse AG raised its rating on Europe’s largest postal company to hold from sell.
The DAX rose 0.3 percent to 9,363.26 at 9:40 a.m. in Frankfurt. The equity benchmark has rallied 4 percent this week, trimming its monthly loss to 0.5 percent, after the Federal Reserve’s decision to slow the pace of stimulus boosted confidence in the U.S. economic recovery. The broader HDAX Index also increased 0.3 percent today.
A gauge of consumer confidence in Germany will climb to 7.6 in January from 7.4 this month, Nuremberg-based research company GfK AG said today. That would be the highest since August 2007. Analysts had expected a reading of 7.4, according to the median estimate in a Bloomberg survey.
A Commerce Department report at 8:30 a.m. in Washington may show U.S. gross domestic product expanded at a 3.6 percent annual rate in the third quarter, according to the median estimate of 72 economists in a Bloomberg News survey.
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