German DAX jumps on China interest rate cut

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Source: Dukascopy Bank SA
German DAX index extended rally on Thursday after China reduced interest rates by 25 basis points. Moreover Spain managed to sold all the planned amount of its benchmark 10-year yields. Euro traded close to USD 1.26. Local banks and carmakers recovered on the news. It was also supported by weaker than expected jobless claims data in US. BMW AG gained 3.4% and Volkswagen AG soared 3.6%. Meanwhile Deutsche Bank added 3.1% and Commerzbank rocketed 6.4%. At the moment of writing DAX index is 2% or 116 points up at 6,209.74.


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