The German stock market is experiencing an upward trend on Wednesday morning as several key stocks are gaining strength following robust buying activity.
Investors are carefully analyzing Germany's recent retail sales and factory orders figures while anticipating important economic indicators from the United States, such as the employment report, which may provide insights into the Federal Reserve's future interest rate decisions.
Currently, the DAX index has risen by 67.12 points, marking an increase of approximately 31%, bringing it to 20,417.25.
Among the standout performers, Rheinmetall shares are up nearly 4%, and HeidelbergCement has risen by 2.7%. Additionally, SAP, Adidas, Munich RE, and Continental have seen increases ranging from 1.2% to 1.3%.
Other notable gainers include Henkel, Deutsche Boerse, MTU Aero Engines, Allianz, Sartorius, and Hannover Rueck, which are all experiencing moderate gains.
Teamviewer shares have surged by more than 12% following their announcement of a 2024 revenue of 671 million euros, reflecting a 9% increase from 626.7 million euros in 2023. The boost in revenue is attributed to stronger-than-forecasted full-year billings of approximately 700 million euros, particularly driven by significant enterprise and frontline deals secured during the final weeks of the fourth quarter.
Initially, Teamviewer had projected annual revenue within the range of 662 million euros to 668 million euros.
Conversely, Siemens Energy is witnessing a decline of nearly 4%, while Infineon and RWE are down by 1.7% and approximately 1.5%, respectively. Additionally, shares of Bayer, Daimler Truck Holding, Deutsche Post, Beiersdorf, Zalando, Brenntag, and BMW have decreased between 0.6% and 1%.
Data released by Destatis indicates a 2.5% increase in Germany's retail sales for November compared to the same month in the previous year. However, on a monthly basis, retail sales declined by 0.6% in November, following an upwardly revised 0.4% increase in October.
For the entire year of 2024, real-term retail sales increased by 1.3% over the previous year. Although retail sales fell by 0.4% in the first half, this was offset by a 3% rise in the second half of the year.
In nominal terms, retail sales saw a 2.7% increase in 2024, according to the data.
Meanwhile, a report from the Federal Statistical Office reveals that Germany's factory orders contracted by 5.4% month-on-month in November, subsequent to a 1.5% decline in October.
The material has been provided by InstaForex Company -
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