German equities move higher ahead of Greek bailout decision

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Source: Dukascopy Bank SA
© Scanpix/AP
German shares moved higher despite strong downward pressure from France's downgrade. Meanwhile, investors remained cautious ahead of the results of the eurozone's finance ministers meeting on the Greek bailout. However, the risk appetite was boosted by optimism over the US fiscal cliff. The DAX Index advanced 0.22% and is currently trading at 7,139.33. Five out nine sectors within the index jumped. Basic materials and industrials witnessed the biggest gains. BASF and Lanxess added 1.41% and 1.05%, while Siemens climbed 0.81%. At the same time, utilities and consumer services plunged 1.1% and 0.54%. E.ON and RWE slumped 0.96% and 1.2%, while Deutsche Lufthansa lost 0.34%. Lenders also retreated on weakness of their European counterparts. Commerzbank and Deutsche Bank slid 2.3% and 2.64%.


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