German stocks advance as U.S. housing improves

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Source: Dukascopy Bank SA
German shares rose after U.S. housing starts climbed more than expected in December, offsetting the weak data for initial unemployment claims. The DAX index advanced 0.76% to 7,749.67. All but one sector increased in the gauge with consumer services rallying the most by 2.1%.HeidelbergCement advanced 2.6% to 46.95 euros to pace gains in the industrial shares that were 0.65% up. Furthermore, Infineon Technologies AG, the second biggest semiconductor manufacturer in Europe, surged 2.6%. Deutsche Lufthansa gained 2.1%, leading an increase in the consumer services group. Only two companies in the benchmark index decreased. SAP AG declined the most as Citigroup cut its stock rating from neutral to buy and said that the mixed global IT environment is beginning to affect the company and it might fail to match its last year's level of deals. The worst performer triggered a decline in technology shares that were 0.14% down.
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