German equities reach the highest level since May 2011

Source: Dukascopy Bank SA
© scanpix/reuters
German shares advanced to their highest level in more than eighteen months amid positive economic data on Germany's factory orders and speculation the Republicans will agree on raising taxes in the next year's budget plan. Europe's largest economy's factory orders jumped 3.9%, instead of the forecast 0.9%, on strengthening foreign demand. The DAX Index rallied 0.9% to 7,524.23 prior to ECB's decision to leave the benchmark interest rates unchanged. All but one sector within the index surged with Basic Materials adding up 2.16%, Consumer Goods surging 1.15% and Health Care sector increasing 0.90%. The only sector that shrank was Telecommunications with a 0.6% decrease. Bayer AG was the best performing company by advancing 3.56% as the nation's largest drug maker applied for permission to use one of its medicines to treat a new eye condition. Meanwhile, ThyssenKrupp soared 2.7% to 16.43 euros, as it dismissed three top executives in an attempt to fix the boardroom associated with corruption allegations and failure to expand in the Americas. Beiersdorf surged 1.9% as the Nivea skin cream maker increased its year sales estimates for the second time in a month. Only four companies dropped with shares of RWE AG tumbling the most, down 1.47%. The company inched lower to 31.82 euros.


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