German stocks rallied on Thursday after the lower house of the U.S. Congress overwhelmingly passed a crucial compromise measure to avert a debt default and a private survey showed China’s factory activity unexpectedly swung to growth in May.
Closer home, German retail sales rose 0.8 percent month-on-month in April, partially reversing a 2.4 percent decline in the previous month, data from the Federal Statistics Office showed.
However, German manufacturing PMI numbers for the month and Eurozone manufacturing data sent a gloomy signal.
The benchmark DAX jumped 174 points, or 1.11 percent, to 15,837 after losing 1.5 percent the previous day.
Banks topped the gainers list, with Commerzbank rising 1.8 percent and Deutsche Bank adding 1.4 percent.
Automaker Renault jumped 2.2 percent as the euro weakened ahead of euro zone inflation data due later in the day.
DAX Rallies Led By Banks
2023-06-01 08:57:26
