BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - German stocks were sharply higher on Tuesday after U.S. President said that the U.S.-Chine phase one trade deal was 'fully intact' and the latest batch of business activity data suggested early signs of economic recovery from the coronavirus crisis.
Following a record downturn, Germany's private sector showed signs of a turnaround in June, flash data from IHS Markit showed.
The flash composite output index climbed to 45.8 in June from 32.3 in the previous month. This was the highest reading in four months and above economists' forecast of 44.2.
The survey highlighted the effects of easing lockdown restrictions and also an improvement in business confidence.
The manufacturing Purchasing Managers' Index advanced to 44.6 from 36.6 a month ago, while the services PMI came in at 45.8 versus 32.6 in the previous month and well above forecast of 42.0.
The benchmark DAX jumped 267 points, or 2.18 percent, to 12,530 after declining 0.6 percent in the previous session.
Wirecard AG soared more than 17 percent after consecutive plunges amid an ongoing accounting scandal.
The payments firm said that its Supervisory Board has terminated employment contract of the member of the Management Board Jan Marsalek, who had been suspended on a revocable basis on June 18, 2020.
Pfeiffer Vacuum Technology rose 1.3 percent. The manufacturer of vacuum pumps expects sales to be in the range of around 140 million euros to 145 million euros in the second quarter 2020 ending June 30, 2020, compared to 157.4 million euros reported last year.
Hospital operator Rhoen-Klinikum decline half a percent. The Chairman of the Management Board, Stephan Holzinger, resigned from his position on the Management Board and other offices within the company, effect today.
Bayer AG climbed 2.2 percent after a U.S. court blocked California from requiring the company to label its glyphosate-based weed killer, Roundup, with a cancer warning.
Metals trader Kloeckner & Co soared 19 percent after a positive trading update.
Copyright RTT News/dpa-AFX
© 2020 AFX News
