DAX Rises Sharply On US-EU Trade Deal Hopes

(RTTNews) - German stocks climbed up on Wednesday, lifting the benchmark DAX to a one-month high, as expectations of a US-European Union deal helped underpin sentiment.

The Financial Times reported that European Union negotiators are closing in on a trade deal with the U.S. that would cement higher tariffs than those granted to the U.K.

The DAX was up 262.91 points or 1.09% at 24,456.02 a little while ago.

Siemens is up 3.3%. BASF is rising 2.3%, while Allianz, Deutsche Bank, Continental, Heidelberg Materials and BMW are up 1.8 to 2%.

Munich RE, Mercedes-Benz, Brenntag, Daimler Truck Holding, Siemens Healthineers, RWE and Hannover Rueck are advancing 1 to 1.5%. Zalando, Beiersdorf, E.ON, Henkel, Merck, Fresenius and Bayer are also notably higher.

Shares of military vehicle parts maker Renk Group AG are up 6% amid reports that the military vehicle parts maker is considering options for civilian industrial business.

Porsche is declining 2.3%. Commerzbank, Fresenius Medical Care, Vonovia and Deutsche Telekom are down 0.2 to 0.8%.