German DAX jumps on German confidence

Source: Marketwatch
© Scanpix/Reuters
On Thursday German DAX 30 index managed to interrupt 8-day losses and edged up 1.5% to 5,543.91 as Ifo reported higher-than-expected business confidence index. German financial institutions recovered immediately: stocks of Commerzbank AG added 7.6%, Allianz SE gained 2.5% while Deutsche Bank AG advanced 2.9%. Downgrade of Portugal has offset part of gains but did not break the upward trend.

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