DAX Rises Ahead Of Central Bank Meetings

(RTTNews) - German shares rose on Monday, as oil prices bounced back from multi-week lows and investors looked ahead to the FOMC and BOJ decisions.

Meanwhile, investors shrugged off the outcome of local elections in Berlin, which saw the grand SPD-CDU coalition voted out.

The benchmark DAX was up 70 points or 0.68 percent at 10,346 in late opening deals after declining 1.5 percent on Friday.

Among top gainers, Allianz, BMW, Commerzbank, Daimler, Deutsche Boerse, E.ON, HeidelbergCement, Infineon Technologies, Merck KGaA, RWE and ThyssenKrupp advanced 1-2 percent.

Deutsche Bank dropped about 2 percent to extend Friday's losses on concerns over its fragile finances.

In economic releases, German dwelling permits rose strongly in the first seven months of the year, marking the biggest increase for the period in six years, figures from Destatis showed. The number of permits issued for the construction of dwellings jumped an annual 26.1 percent in the January to July period.

Separately, the European Central Bank reported that the euro area current account surplus narrowed to 21.0 billion euros in July from 29.5 billion euros in June, which was revised down from 28.2 billion euros surplus reported earlier.