German DAX rallies on car makers

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Source: Dukascopy Bank
German DAX index rose on Monday, lifted by carmakers. The index extended gains later in the session after US said its retail sales climbed more than predicted in March. BMW AG rallied 2.7%, Volkswagen AG surged 2.3% and Daimler AG appreciated 2.2%. Shares of BASF SE jumped 2% after HSBC lifted its stock from neutral  to overweight. On the downside SAP AG fell 1.8% as its business development in the 1st quarter missed analyst expectations. At the moment of writing DAX is 1.25% or 82.44 points up at 6,666.74.

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