Electrification & Mobility▲
Automakers Lead German Market Higher On Industry Push
German stocks moved higher on Tuesday, with the benchmark DAX up 85.61 points or 0.34% at 25,510.02 by noon, extending gains from the previous session. Automakers were broadly higher following reports that France and Germany are pursuing a new initiative to revive the auto industry, with Volkswagen surging 3.6% and Mercedes-Benz rallying 4%. Mercedes-Benz Group reported a second-quarter net profit of 1.065 billion euros, up from 915 million euros a year earlier, while Daimler Truck Holding and BMW moved up 3.75% and 3.7% respectively. Among other gainers, Rheinmetall jumped more than 4% and MTU Aero Engines climbed 3.7%, while Siemens Energy and Infineon Technologies shed 2% and 1.9% respectively.