The economic downturn in Germany showed signs of easing in March, causing the country's stocks to rise. This increase comes after investors responded to the Federal Reserve's reassuring remarks, as well as awaiting the outcome of the Bank of England's (BOE) policy meeting scheduled for later in the day.
The BOE is anticipated to maintain its main interest rate at a 16-year high. Investors are keen on signs indicating when the interest rates will begin to decrease. Notably, the DAX benchmark was up by 140 points or 0.8%, to reach 18,154 after a 0.2% increase in the previous trading session.
BMW shares dipped by about 1% after the automaker predicted a drop in the group margin. In contrast, shares in Mercedes Benz increased by 0.7% and Volkswagen's by over 1%. This uptick was fostered by industry data indicating a rise in new car sales within the European Union for two consecutive months. This growth was driven by strong demands in France and Italy.
According to the European Automobile Manufacturers' Association, new car registrations rose by 10.1% year-over-year in February, amounting to 883,608 units. The share price of Vossloh also rose by more than 1% due to achieving record sales and a significant increase in EBIT in the 2023 financial year. However, United Internet's stock fell by 3% following the announcement of its full-year results.
