German DAX jumps 1% on Friday afternoon

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Source: Dukascopy Bank
German DAX index faced a choppy morning trade after news from Spain, however it rebounded after Italian bond auction. Rally was slightly breached in the afternoon as US reported a disappointing GDP figure. German Banks rallied with Deutsche Bank adding 2% and Commerzbank gaining 2.1%. BASF SE dropped 1.5% on news its profit declined in 1st quarter and the company worsened its outlook for the first 6 months. At the moment of writing DAX 30 is 1% or 66.5 points up at 6,808.42.

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