German DAX soars on US labour market recovery

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Source: Dukascopy Bank SA

German shares surged on Friday, recovering previous losses on upbeat US labour market data. Slight gain in the Eurozone's services PMI last month also spurred German shares.  German DAX Index skyrocketed 2.26% to trade at 6,783.35. All industries included in the index surged. Financials and utilities were the top gainers, pacing an increase in DAX Index. Deutsche Bank and Commerzbank rallied 5.39% and 4.68%. Meanwhile, Allianz surged by 4.63% after reporting better than expected quarterly results. Among utilities, E.ON and RWE jumped 2.85% and 3.21%.

 

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Fri, 03 Aug 2012 21:02:00 GMT

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