German shares soar after employment figures

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Source: Dukascopy Bank SA
© Scanpix/Reuters
German equities jumped on hopes that US lawmakers will manage to reach an agreement on the upcoming tax hikes and spending cuts. Moreover, positive data from the domestic economy also lifted German shares. The number of individuals applying for unemployment benefits in Germany climbed less-than-expected this month. The DAX Index advanced 0.71% and is currently trading at 7,395.45. All but one sector within the index advanced. Telecommunications and consumer goods posted the biggest gains. Deutsche Telekom surged 1.27%, while Volkswagen climbed 1.93%. Volkswagen rallied after it agreed to extend a partnership with FAW Group Corp. until 2014 and resolved worries about intellectual property rights violations. At the same time, health care firms weighted down on German blue chips index. Fresenius Medical Care and Fresenius sagged 0.61% and 0.42%.


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