DAX 30 Up as European Equities Run on Oil

Share On Facebook
share on Linkedin

Surging oil prices and positive economic releases coming out of Germany have helped keep the DAX in positive territory today despite some volatility as the sentiment towards the result of today’s OPEC meeting keeps markets mildly schizophrenic. The DAX 30 is currently showing a gain of 0.36% for Wednesday. German retail sales figures for October demonstrated their fastest pick-up in more than five years, with a 2.4% increase on September. The country’s unemployment figures also dropped with an adjusted reading of 4.1%, down 0.1% on September.


One of the biggest winner on the DAX today has been chemicals company BASF, with the company turning around a fall which started on Monday by recovering losses with a 3,29% gain today. Materials, capital goods and services conglomerate Thyssenkrupp is also up today with a 2% gain. There has been recent speculation over a potential merger with Tata Steel. HeidelbergCement also takes a spot on the day-so-far’s leaderboard, having registered 1.14% gain. However, the big winner is industrial gases and engineering company Linde, which has leapt 5% after U.S. peer Praxair revived a $60 billion bid for the company. It was reported yesterday evening in U.S. media outlets that Praxair has approached Linde with the offer to reopen talks which broke down in September on disagreements on governance.

Lufthansa, which is suffering continued disruption and has cancelled close to 2000 flights as a result of industrial action by pilots over a pay dispute, is down again today, showing a 1.57% loss. Car makers are also down as South Korea announced it plans to ban the sale of some models produced by BMW, Porsche and Japan’s Nissan, over claims the companies falsified documents to ensure the vehicles adhered to rules considered to approve them as ‘road worthy’.
BMW is down 1.16%, with the fallout also seeming affecting DAX peers Daimler and Volkswagen, who have also recorded losses, of 1.13% and 0.61% respectively. Semiconductor manufacturer Infineon Technologies is also down, with a drop of 1.12% so far today.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This article was provided by Windsor Brokers. Click here for more information.

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20221205 13:50:47