Sunday, January 9, 2011

Germany’s DAX Touches New 2010 High

Germany’s DAX index touched a fresh 2010 high earlier Monday, fueled by strong economic data from China and hopes of further quantitative easing measures which may emerge from a meeting of the Federal Reserve’s open market committee this week.

The DAX index hit 6670.9 points earlier Monday, a 1.1% rise from Friday’s close.

Stocks cyclically sensitive to China’s better-than-expected purchasing-managers’ index posted gains, such as automobile stocks.

BMW AG shares recently traded up 2% at €52.56, while Daimler AG shares were up 0.4% at €47.61. Shares of Bayer AG were the top gainer, up 2.5% at €54.97 after it released preliminary results of a test on its blood-thinning drug rivaroxaban, marketed as Xarelto in Europe.

The DAX recently traded at 6628 points, up 0.4%.

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